Last week

$GOLD continued bouncing between the 20- and 40-day moving average lines at the beginning of the week. In the last two days the price was pushed above those moving average lines to close near the high end of the weekly trading range. The price is about to break through the resistance line of the downtrend channel.

Last week’s trades

Gold futures Apr. 8, 2016. 60-minute chart.

There were limited trading opportunities last week. The full range for the week was slightly less than $30 and the price action was choppy.

The price never reached Nat’s buy level, sell level or first support, so there were no obvious entries for traders following her swing trades.

However traders monitoring the market intraday had a clear entry at the well-defined intraday support around $2016 on Monday, and an equally clear exit at Nat’s key line Tuesday. That move captured about $20 per contract, worth approximately $2,000.

Later in the week the price attempted to return to that support level. It failed, but the subsequent bounce carried first to Nat’s key line again, and then to her first resistance level. Again the entry was not obvious, but the exits were clearly marked.

By the end of the week a clear trading range was established between Nat’s key level and the first resistance that returned a smaller profit… but a profit nonetheless.

This week

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