When we look at the gold market, here's how you look at it: You had your move to an all-time moves, all right? And this is [a] close-only chart. This is not the peaks, we'll get to that in a minute. As long as you stay over $1948.50, you've got your upside bias. Markets, go up and down. This was a blow-off. Can I be any clearer? You went from $2150 in a fraction, all the way back under $2050. It was about a hundred and some odd dollar range. Okay. And where did you go? You went over the Bollinger Band.
As you'll see, the pattern remains bearish: lower highs, lower lows for the near term. I want you to listen to me – for the near term. The market is challenging what I told you it would, the average is starting at the 18, now getting into the 100, might challenge the two. But I think tomorrow is going to be a big part of determining that, and the day after remember, on Thursday, we're going to get four central banks telling us what they do.
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.