When you look at the gold market, it's come up $98 for the week. And this is what's so unusual. It's already up $98. That's pretty important. Then, we look at the bar chart. You can see how it pulled back, just now, from that spike that it had. You're looking at a market that's got a lower low, higher high.
When I look at where the market's at right now, you're up to the upper Bollinger Band again. And that's a logical spot for the market to attempt to run into resistance. That's the right way to look at it, and you still have your embedded reading. So, if you get a big break here, and I'm not talking $100; $30, $40, $50, you'll probably see traders looking to see what the slow stochastic is doing and nibbling into the market. I don't think it's time to put full board money in. This rally is already rather large. Could it go higher? It could. I might have to eat my words, okay, but you're not hearing me talk bearish.
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.