When we look at the gold market, you've had that break in the market, since then, has just been very silent. It's just sort of drifting and holding on. You see that in the chart pattern too, even though you can visually see the higher lows and the higher highs. Where have you gone? You haven't cleared, even the high from back on June 16th at $3476.30. Not able to do that and haven't been able to break under the low. And so, for two weeks, you're basically trading in noises, I like to call it. The trend is up as you have higher lows, higher highs. The market is holding, so far, the 18-day average of closes.
Where's the market stopping on each of the rallies? at the upper Bollinger Band. Falling back to the neutral zone of the 18-day average, and momentum along the way, got overbought. And now it's pulling right back on you.
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.