When we look at the monthly chart of gold, we're only at the 12th. We're one-third into the month, and up three percent. The market is now, the question is, on a monthly basis. It's challenging the highest close of $2749.30. We know there are intraday highs that have been higher than that. When you take it out on a weekly basis, it matches up with that.
Now we come over here and you can see that you're higher than that when you come here which I'd expect. So now what is the pattern? It's bullish—higher lows, higher highs. The support I'd look for would be $2669 roughly, the 18-week average of closes. With resistance right up here, at $2763 and a half, the upper Bollinger Band. Now, the market has just come alive. With this past week, the week ending the 10th, you re-establish the uptrend. So I do believe that you're going to see buyers coming in on the break.
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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.