Ira Epstein: ‘Gold Is Attempting To Bottom Out’-Shanghai Metals Market

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Ira Epstein: ‘Gold Is Attempting To Bottom Out’

Industry News 10:40:28AM 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

Key Words:  gold prices 

Ira Epstein: ‘Gold Is Attempting To Bottom Out’

Industry News 10:40:28AM 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

Key Words:  gold prices