If you look at the gold market, we finally got a correction. We're down for the week 1.18%. Now, that's a little bit of a bounce because the market is up a little bit. You're up about eight dollars from where you went. What the market did is it broke the pattern for the time being of consistent higher lows, higher highs. The market pulled back, it hasn't gone to the 18-day average. That bigger supports waiting at $2740.40. What stopped the market was getting up to the upper Bollinger Band [last] Friday.
You had these numbers way up at the 90 level. It's unusual to lose the embedded reading in one day, from those numbers. I mean, you can count it on a hand in the course of the year. Yet, that's what the market did. It got a 78 reading. You're down to a 72 reading. So the odds do favor that if prices can't pick themselves up, you might have to regroup closer to that 18-day average of closes.
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.