So gold is still retracing. It's down 3% for the week so far. Okay, so it's getting a little bit of a correction here and you see that in the chart action, we had that spike down and you came back, you might want to challenge that again, the market's got the higher high, lower low pattern. I don't call that a trend and the market has tried, now, a couple of days. Where's the battle? The 18-day average [of closes].
In terms of Bollinger Bands, the narrowing in and they should they got so wide out here at the extremes that's too wide. They generally narrow in, this is not normal. That laid the base foundation for this move. And the big question was is that a base or a top? And when it broke out over here, you knew what you had and up until just now, just take a look at this. [The gold market] has been over that 18-day average all this time. So it's had a heck of a run and it is now the correction phase that it's in. I didn't say a bear market phase.
I said a correction phase that you're in the gold at this point and as we're doing that we're dropping on the market into an area where you're now oversold – any reading under 30 is oversold. Could it go down to $2287? It could, but oversold markets have a way unless they turn and embed.
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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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