When we look at the gold market, you're knocking on the door. I saw that one of the parties asked on my YouTube channel: "Do I think gold can hit $3000 this year?" And my answer is yes. I need a reason to think that it's not. From here, where it's at right now, that's a 10 percent gain, that's not outlandish. That is the reason that I think it can do so.
When we look at the weekly chart on gold, you can see you've been caught in this range in the market. You are in an uptrend on the swing line; you've had higher lows, higher highs. You're over the 18-week moving average of closes, which is over the 100 and the 200. It's lined up in a bullish development.
The market has held the 18-week average overall, and it's been held back by the upper Bollinger Band overall. That's where you're trading against. So $2776 is the upper band, you're $2735 right now. You've been up there, you know that. So, now the market has to decide what to do and momentum is up but overbought.
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.