When you look at gold for the week, with all that's going on, you're down 1.2 percent. When you look at this gold chart, you haven't run up and made your move. Gold acts a little bit like it's tired right here. It's heard so much; it's done so much that it's just acting a little bit tired. And I say that because you have a higher high and a lower low, that is not a bold move at this point in time. So we'll have to see what it wants to do with that.
In all fairness to gold, that has held the bias up. Because when prices are over the red line, the 18-day average, the bias is said to be up. So, this is a pullback in the market with upside bias. But as I just said, short term, it's not trending. You've come up, you didn't make it through the old highs, and you just sort of petered out a little bit. I didn't say bearish, I said petered out.
When you look at where it petered out, it's the upper Bollinger Band, which is very important, and momentum is turning down. If you close under the 18-day average, even with this pattern tonight, it doesn't get bearish. This doesn't do anything.
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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.
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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.
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