Metals News
Ira Epstein: ‘Gold Is Attempting To Bottom Out’
industry news
Jun 19,2017
Source:kitco news

Friday June 16, 2017 09:21

Veteran futures trader Ira Epstein says “gold is attempting to bottom out.”  Prices peaked in 2011 and are now in a consolidation phase, says the director of the Ira Epstein division of Linn & Associates. “The current triangle formation shows a market with prices narrowing in, made up of well-defined uptrend and downtrend lines,” he says. Epstein follows the 18-month moving average of closes, which he says does a good job of defining both support and resistance levels. “I think longer-term traders are buying right here, against the 18-month moving average of closes and will likely risk their trade to just under $1,214.30, the most recent swingline low,” he says. “If prices get under $1,214.30, the downtrend will be back in place and a move down to the lower Bollinger band of $1,131 is possible.”

By Allen Sykora of Kitco News

gold prices
For queries, please contact Frank LIU at
For more information on how to access our research reports, please email
Related Price

No Data