In the gold market, it's possible that the market wants to see a break down to the 18-day average to feel that out again, the way that it did back here but make no bones about it until the market closes under the 18-week average, the bias is to the upside which means I'm waiting to see when we get a buy signal, where the market flips around.
When we take a look at the daily bar chart, you can see you've just been in a very tight range down here. You still have the market with the trend down lower highs but recently it's established higher lows. So you've got a market that's narrowing in like that it's taking a little bit of time but that's what it's doing...and the battleground to me is going to be the 18-day average of closes. If it closes over that, you'll have changed the pattern to one.
If it stays just like this and gets over $2352.30, that would give you higher lows and higher highs – and if you close $2350.80 it turns into an all-buy signal.
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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.
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