When you look at the gold, I hope that the market gives you a break back to the 18-week average of closes at $1986.70. It would be the ideal situation that if you can hold there, then you start anew. Maybe another uptrend. Right now, you're in a corrective mode. You have this run-up from basically, this early part of November and spiked up here (if you'll remember in December, the Houthis, everything going crazy, the war and what's going on) you backed off and you're caught in this part.
You're caught from $2150 basically into this just under $2000 level. If you think about it, all right, so you get a big break of that...and where are you? Well, you're coming back down. Maybe you're even going to test these lows at this point in time. Are we trending? We are not.
You have a market that's got a higher high on the swing line...
In this case, the resistance is now $2048.20. Once we fought a battle there and closed two days ago under this (I say days ago because we're already into Thursday trade and that's this dot you've got right here) but when you look at that you coast under it, you threw the market for a looper.
You put it back down. You've gone to the 200-day average. The 100-[day average] is $1993.90, and if you look at the Bollinger Band with it, you're coming to the support right there.
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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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