So, if we look at gold, it's hard to be anything but bullish, when you look at a weekly chart of just closes. The market is still looking pretty good there. We see that the market is broken down and you can see right here, that it hasn't thrown out to me any new signals; you've got lower highs and lower lows.
The resistance in the market is around the $2390 level, which is still a relatively high number for the gold market but that's the resistance if you're going to rally the 18-day average of closes and the support's down here are $2322. Trend down, bias down. You can get a short covering rally but I look for failures in this $2390 zone or at least the pause and you have an oversold market, which keeps me thinking that you're not going to see new money wanting to be deployed on the short side.
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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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