When I look at the gold, as long as you can stay above this 18-day average on a closing basis, I'm in the bull camp on it. When we look at the action, you can see what's going on. I mean, this is all over the board right now. So here you're getting an outside day up at this point.
You can see you're above all the key averages. So if you get another outside day up, you just had one. Add to that, why can't the market try to advance a potential target? Doesn't mean it has to go there. Is the $3471 and a half zone, and the support's $3410 now. That has moved up. And momentum is trying to go up. So trend up, bias up, market target, and you don't want to take out [this past] Friday's low at this point. We don't know what kind of outside day we'll have today, other than one is on the table.
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.