As we take a look here at gold and let's first go to our weekly chart of closes –as long as you stay over $1976, the bias of the market is up because my viewpoint is when you're on a weekly chart and you're over that number, there's your bias. You can get corrections down to it but the bias should be up. That's a filter on other parts of your charts. When I come to the daily chart, regular viewers of this know that from this peak that we made at $2150 back down into this break low that we got under the $2000 level.
I said don't be surprised if you get a bounce of about 50% sooner or later and the market starts fighting a battle right there. It's exactly what's occurring. You're void of a trend right now. You have a higher high and a lower low pattern, that is not a trend. The market has upside bias, the supports all the way back to the 18-day average of closes at $2047. But it is not screaming come out and buy me.
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.