In the gold market on the weekly chart, you still have lower highs, lower lows. You can't get away from that, and you see it when you come to the daily bar, a little different. You do see how the weekly chart looks with these peaks, but you're over the 18-week average. So you still have an upside bias with that. When you come to the daily bar chart, let's take a look at how the swing line action is. As I said, the market has higher lows, you had that through yesterday. And a higher high, you had an outside day up, and that's what the market did.
The target in the market could be wherever the Bollinger Band is. It could be all the way up there, and momentum-wise, you stuck your head back up. So the correction ran its course, and you're now in a bullish phase again in the market.
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.
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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.
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.