Right now, gold is pretty flat for the week. You're up 0.11%. For all purposes, it's blowing in the wind. When we take a look at the daily bar chart, the overall pattern—the steep decline—ended. And as I told you, I thought we'd go into sideways action, and we did. We're still in a downtrend, though, you re-established that the other day with lower highs, lower lows. The market is under the 18-day average of closes, but to get to that number — if it's going to go there — it'll negate the downtrend in the process, from the looks of it.
The market's just drifting, I think you can see that what you're doing right here, and momentum is drifting with it. Just not the place to be right now, from what I'm seeing.
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.