So, as we take a look at the gold market, it is staying over the 18-week average of closes. That means I have bullish buyers for it. The pattern here, well, if we take a look at that versus this, it's still looking pretty good on the weekly. And on the daily, it's been getting a heck of a break. It had a big bounce, I'll just show you where it finished up – $79; that's a pretty good number. [Gold] had gotten a $3346 and closed $24 under that, but that's still a very, very strong day in that market, any way you want to cut it. And now we're going through the highs that we made during the day.
The pattern is still one of lower highs, lower lows. So the swing line is down, where's the 18-day average? You tell me the battle it's been fighting three days in a row.
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.