Gold – inflection points for Feb. 2, 2017

Yesterday’s trades

GCJ7 Feb. 2, 2017. 60-minute chart.

There was a very profitable double trade in Gold yesterday, worth $2,200 per contract for the alert traders who caught both sides of the move.

The price fluctuated around Nat’s Keyline overnight, providing an easy entry.

Once the day session opened it dropped sharply to her Buy level, before it reversed back up to her Key line again.

Even traders only working the day session had lots of opportunity to catch the second leg, which was worth about $1,100 per contract.

Mid-week Update

Gold has turned around and the price managed to rally back above $1200 level. Now for the rest of this week watch the $1220-25 key zone.

A break above it could push GOLD up to $1240-50 for a second leg of the rally. A failure to break through the $1220-25 zone, and GOLD could retrace again and challenge the $1200-1193 support zone.

In the current condition, GOLD should be focused on the buyers. Any external news could blow GOLD out and make it shine again.

Today’s workbook

Download link: (170202daily-trading-worksheet-Gold.pdf, 147KB)