When we take a look at gold, just on a closing basis, you're up at new highs. If the market were to finish here for the week, you're up 50 on the week—away you go. When you take a look at the chart, you will see that it's very much an upside. But earlier on in the week, the market stepped out of the trend when it got down here and went to $2760. It then started the recovery process, and the tariffs are carrying the market to the new highs or the threats of that.
Where's the resistance? Well, it's certainly not in [the] 18-day average or a 100 or 200-day average of closes. It's most likely the upper Bollinger Band, and it's exactly what it is. The market keeps hitting it just the way it did there. It broke back, it broke back, and so on. But bullish is the way to look at it. The dollar is the way to look at it, and bullishness as well. When you look at the momentum, we have lost the bullish embedded reading.
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.