In the gold, the market is still staying above on a weekly basis, the 18-week moving average of closes. So, with everything that is going on, the market is now, for the week, up 1.44 percent. And you're staying over that 18-week average; that is still bullish overall. When we come to the daily chart, you can see how the market's been in a corrective mode. You've had a pattern of lower highs, lower lows.
What about momentum? too oversold, in my opinion, for traders to be adding new money. Especially into a Bollinger Band, where you only stay under that number, or over, at five percent of the time. What the market does have going for it is that it's got a lot of sideways action. And from sideways action, can come bigger plays 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.
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.