When you look at the gold market, for the month, it's a pretty great month— up 4.45 percent. When we look at the market, how it's doing, it's finishing up. If it were to close right now, even with the $4, it would be the highest weekly close that the market had. When we look at how the market's come up, it's still the highest high that the market has done so far. Same thing over here as we look at the swing lines, it's extended, no question about it. It's a vertical rise, where every single week has had a higher high than the prior week, so far.
Support's way down, $200 an ounce if you were to go to the 18-week average, all the way down to $2725. And the market's fighting at the Bollinger Band, so I can make reasons why it should get back inside of it - no change that I'm seeing there. When you look at the slow stochastics, we're overbought. On a weekly chart, you are not embedded.
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.