So in the gold market, it certainly looks like the market wants to leak down to the 18-week average of closes. Now that number is going to change after tomorrow. It's moving at the tune of about $16 a week so just be aware of that where you're at. You're going to drop a value back here, add the Friday value and you're probably going to be up into the $2270s – my guess is where you'll end up with that.
When you look at the gold here, it's almost like a stepping ladder and each time you get a rally like you did here and then it seems to break those lows – we'll see if it does that pattern again. But that seems to be the pattern it's in. Those are also making for a downtrend with lower highs and lower lows.
The market is underneath the 18-day average, it tried to stay over it right here, but couldn't do it with an outside day. Remember, we had that day and I said until you take that out, be careful. This is now a reiteration of the downtrend.
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.