In the gold, if you were to finish here, you'd be at an all-time high. For the week, so far, you're up 1.1 percent. The market cleared the old high it made. It was in a consolidation. It's trying to say it can come out of it to the upside. The pattern is one of higher lows and higher highs. Now, you had an outside day up, and that was this big move. Now, you've got an inside day. You haven't taken out [this past] Monday's high or not, as the markets reopen. You don't want to see the lows taken out. If they are, it could be a sign this market wants to step back and give you at least a pause and maybe a correction. That's how I'm reading it.
The 18-day average keeps climbing every day. The Bollinger Band is far away at the $3811 zone. I don't expect a lot of correction, but because you've just come from $3400, and you're now pushing $3718, I think that you've got to, in some manner, figure out where you're going to knock in some of your profit.
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.