So when you and I take a look at gold, let's just go there to start with. The market is back up to the old highs on a closing basis.
This has already got the next day's existing prices in it right now. You can see how it's coming live. The last rally high was $2448.80. So you're sitting here right now in the neighborhood of...about $58 lower than that.
When you take a look at what the chart action is, it's still bullish: Higher lows, higher highs. You're over and staying over so far this 18-day average. You can see once the market flipped on it, you got bullish again. Once it got under it, you were in the bear camp until the market took out this specific high, and then it crawled back over that number. The resistance is right here.
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.
Be it education, market information or trading platforms, we provide solutions.
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.