So in the gold market we are down for the week 2.86%. Okay? Not bad. tree It's not falling apart. When you look at the market you've got the spike high, you made it sort of a spike low here and the market is trying to get its footing suddenly with the outside day up today. You have a pattern of higher lows higher highs, all right? That's the first part. Where's the 18-day average of closes? Because if you're under it the bias is down if prices are over the bias is up. – and you're right here.
So while the swing line has turned up the battleground is very clear. It's at the $2360 level; for me to get friendly, you need to close over it. So far it's a bear market rally because of the bias. I told you that I thought you were going to start yanking in yesterday the Bollinger Bands and that's what's happening. See the sideways action all of a sudden will narrow these bands in and bring the support resistance finds closer to each other. The markets only stay out of the Bollinger Bands 5% of the time.
About the author
LINN & Associates
Over the past 35-years Ira Epstein has developed a reputation for providing clients with easy to use technology and teaching good old fashioned trading know-how. A number of our brokers have over 30-years trading experience. No matter how technology changes the methods of entering orders, there's no replacement for having "been there and done that before". It's the blend of services that brings things together.
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Ira began in the futures markets in 1969. Over the years he worked his way up, starting from the ground up as a "floor runner" culminating with his becoming a Floor Trader. In the mid 1970s Ira decided to make a career shift within the industry to develop both retail and commercial based clientele. His customer base grew to the point whereby in 1984 he founded "Ira Epstein & Company", a trading firm specializing in retail, commercial and self-directed discount futures trading. Along the way Ira became a leader in trading technology out of necessity, due to increased small lot trade volume. He was among the first to embrace the Internet, which as you know has dramatically changed both the way information is delivered and how trading takes place today.
One of the ways Ira, along with his brokers showcase their talents is through e-mails of market information and Ira's "Futures Videos", which can be viewed on our website, through Market Center, Linn-IraChart Software and on YouTube.