When we look at gold, I want to remind you, that I thought this market might pull back. I said it, I didn't know if it would do it or not. If it fell apart, it could get back to the 18-week moving average of closes. It's exactly where you're at. The markets had one of these vertical price rises that came out of left field at it. And the market is still dropping away. The swing line is still with lower highs and lower lows. But you're into the first major support, I mentioned this before. The market fell there. And it's still hanging at the 100-day average.
The Bollinger Band, you're starting to move to the right. So I'm not good enough to pick a bottom, but I am telling you, you're at your first number part. Where the market's trying to stall the break, and maybe end this break that you've had in the market. That doesn't mean it's suddenly going to turn super bullish.
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.