...you can see how the gold market has been trying to come back to that 18-week average of closes. That number is around the $2290 level. The market isn't that encouraging. You can see how the price action is almost like a stepping ladder to the downside. You've really got to get back up and over these highs right over here, which is in the $2390 level to give the market courage that it wants to go higher.
In the short term, we do have the swing line up with higher lows and higher highs. The short-term trend is up. Moving averages, you're fighting your battle right at that 18-day average, sort of bias is down. The market still hasn't got itself to be able to pick up and run in any manner. Each time, it's tried it, it's gotten thrown back and if we take a look at the momentum, you can see that you're just drifting along right here. Not doing a heck of a lot, you've come out of an oversold condition, but that's about all that I can say...
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.