So let's take a look at the gold market and as you can see, you did come down to the 18-week moving average of closes, you held it and you had a bounce. When we look at the daily numbers right here, we see the daily bar chart. You had your bounce. So you broke, you came up about 63-64 percent off that low of the size of the break, and you broke down again. The market's still not in a bullish pattern.
You have on the swing line, a higher high, and lower low pattern. The market is now probably going to fight a battle initially between the 100-day average and the 18[-18-day-moving average] at this point, if that gives ground, maybe we go down to the $2540 level and fight another battle there at the lower Bollinger Band.
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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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