So, in this market, if you take a look on a monthly basis, you were up 1.65% and we do have the highest close period in the history of gold on a monthly basis. Take a look at the chart. This chart, I'm just going back to [the year] 2008.
No prices before that were even lower. So gold finished off on a nice note. The weekly, you're back up to where you were, remember we got up as high back here into this area. So we've come back, but you can't argue that the market's not staying over the 18-week moving average and that's bullish.
When you take a look at the chart, you know, that we got up into here into the $2150s came crashing on down and then came back up and we're now having that correction. I told you we'd probably get a 50% bounce off the height of the low of that on the dailies. And you most certainly have. The pattern of the chart is bullish. Higher lows higher highs on a weekly basis. The support and the market is all the way back here and that number is going to lift. If you just take a look right now, what we have, you finished $1969.40 – the week before it was $1960, about $9 lower, and the week before that: $1950.90.
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.