As we take a look at what gold's done, it has retraced to the 18-week moving average of closes. It's under it slightly. So we give it a little downside bias right now. You can see how this market continues to fall, and I was showing you day after day this approximate range, and you're still doing pretty much that. You haven't really come out of this.
The trend goes to the downside. The market now is underneath the 100-day average, which puts the Bollinger Band potentially in play at $3323. Resistance on rallies back into this general zone of the green and the red, the 18-day and the 100-day average, the $3378 to 97, and you're oversold. So do I think you're adding new shorts? Not really. I think it's more liquidation than anything.
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.