Friday’s trades
Sell: $1278.50-$1275.90
Keyline: $1268.50
Buy: $1256.50-$1257.30
Gold futures offered very few opportunities for traders Friday. The total daily range was small, and there was effort to move the price around for the end of the month. Instead we saw a narrow consolidation pattern develop.
The price moved up from the previous close to Nat’s keyline overnight, then dropped back down in the early pre-market before repeating the overnight movement in the day session.
There were a a couple of decent trades for those monitoring the price action in real time, in the move down to the prior close, then the bounce back to Nat’s keyline.
But while overnight traders could have caught the short entry without much trouble, the exit was ambiguous. If you held the trade to the close you gave back all of the original decline and more, end ended the day with a loss.