We look at the gold [market], if it were to close right now, it's at an all-time high-end. So far for the week, the gold market has gained 1.39%. That's impressive. You can see how the market keeps its stepping ladder.
When we look at swing lines, which connect the current trade to the bar before it. And because this is a daily chart, it's a daily swing line, you get higher lows, higher highs - that's the definition of an uptrend. Now, what's suddenly happening is the 18-day average in red is getting near that last break low. So on pullbacks, we have an idea now, a solid idea as to where the market might go to. That's a $110 break to find support if it goes down in a big way.
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.