On the gold market, it came down back here at the end of 2024. It was playing at the 18-week average, and soared from there. The market came down last week, and for this week, it's up almost two percent, and it's up $54 for the week.
When you take a look at the chart action, in looking back at it, this formed a top of sorts, you see that. The market pattern is one of lower highs, lower lows. The swing line high is now right here. When we take a look at where the market fought a battle for a few days last week, it was at the 18-day average of closes.
In momentum, [the market] had gotten oversold the other day. So, when you came down to the lower Bollinger Band, do you disagree that the market was in oversold territory? If you do, it doesn't make sense to me. You had readings under 30, you were approaching the 20 level—that's the oversold level.
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.