Gold – inflection points for Feb. 6, 2017

Friday’s trades

GCJ7 Feb, 3, 2017. 30-minute bars.

Sell level: 1231.50-1228.50
Keyline: 1214.50-1216.50
Buy Level: 1207.50-1208.50

Nat’s Buy entry for gold futures was as close to perfect as these things get.

Her entry was $1207.50-$1208.50 and the market made a low for the day at $1208.30 — just enough for traders who placed orders early to get filled.

The subsequent move to the Keyline returned about $700 per contract; traders who held the trade to the end of the day made about $1200 per contract.

Note the smash down at the opening of the day session, followed by a very strong rally in the morning session. A second decline (roughly to a Fibonacci level) was also followed by a rally.

Today’s workbook

Download link: (170206daily-trading-worksheet-Gold.pdf, 143KB)