It's up for the month 8.66 percent, and you have the last trading day of the month. Can it get up to 10 percent, maybe? When you take a look at how the chart is going, all the way up on a weekly basis. In order to break the pattern, it'd have to get back under, right over here. That's quite a ways off from where you're at in the market. The 18-week average is still not above this $2866 level, that's that break low by the way. So it's about 40 points from it, so it's really not the best supportive area. It is for an area, but it wouldn't keep the trend up if it got there, and in terms of a break, that'd be a heck of a break at $270 an ounce.
The market has locked on, as you can see, on a weekly basis to the Bollinger Band. We call that the "Gorilla Glue" effect.
On a weekly chart, all it keeps doing over the past four weeks is, every week has made a higher high week. It's very difficult to buy into that.
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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.