Gold – inflection points for Apr. 24, 2017

Friday’s trades

Sell: $1290.50-$1292.20
Keyline: $1278.00-$1279.00
Buy: $1269.00-$1271.50

There was one good but difficult trade in gold on Friday, and one that was easy but not so profitable.

The gold futures rallied past the previous close overnight, but stayed well above Nat’s keyline, that left overnight traders with no obvious entry.

Once the day session started the price dropped to just above the overnight low before rallying to within a few cents of Nat’s sell level, where it stopped and reversed back down into the close.

The first trade from the overnight low to the sell level was worth about $900 per contract but overnight traders couldn’t get it and trade room subscribers — who usually monitor the market in real time — had to be alert to get the first part of the move.

The second trade, the bounce back down from the sell level was easier to read, but only worth a third of the original move.

Today’s workbooks