So when we look at the gold market, I know it doesn't feel like it doesn't to me. Yet the market's up 2% for the week. When we take a look at the charts, if you take away the past 48 hours of trade right here, this is what you were looking like now. If you start getting over these highs (and I mentioned this yesterday in this video) you end the decline phase...
...and I'll show you that in a minute and the market got up and this is where you're at and why I say that is now you've broken the pattern where you had lower highs and lower lows by coming up as we did today through these highs.
You've negated that. So I say that this wave to the downside ended; it doesn't mean another one can't start but that one's over. Not a question is: Where are you? Well, when you look at moving averages you close back over the 18-day average which automatically tells me the bias is up and now the market is saying, the battleground could be $2390.
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.