You're looking at metals having an interesting time. Number one, gold is not falling out of bed. The way to look at it isn't necessarily all the time on a daily chart.
Sometimes, you just take a weekly chart of closes, and that gives you a picture that takes away some of that swing that you get. You're down two dollars and thirty cents, or .09%; think about that for the week. In other words, you haven't moved very much whatsoever.
You don't see that when you go to these charts. You go, 'Oh, the market's falling out of bed'; that isn't the case...and so for the week, yes we have put in a resistance top here, we have fallen back. The question is, what does the market want to do? Because it's not trending. What you have is a pattern of a higher high, this $2564.30 was higher than that high, and then you broke down in the market; you're not trending.
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.