When we look at the gold market, we can see that the gold has been correcting, but it hasn't even gotten back to the 18-week moving average of closes ($2002.9). As long as prices are over that, I keep a bullish bias. It's a filter.
When you look at this, would you honestly think the U.S. is going to war with Iran? You know, I look at charts and that doesn't look like it to me. The pattern is still lower highs, lower, and lows. You got to clear the high over here to say you're out of a downtrend. You haven't done that yet.
The market has found support, repeatedly now, at the 200-day average, but couldn't get it down to the green, which is the 100 [-day average] and the Bollinger Band wasn't hit. Where does it been keep coming to? I think you see that if you don't get your eyes checked, the 18-day average of closes keeps going there and you're narrowing in the Bollinger Bands.
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.