The ECB decided not to change interest rates last Thursday and GOLD ran up in response. But it quickly sold off after the ECB president’s speech and faced further selling pressure on Friday. By the end of the week GOLD lost $4.60 from the previous weekly closing price.
Last week’s trades
Another terrific week for Nat’s gold swing traders: two well-defined swing trades (one up, one down) provided the opportunity for a relatively easy $6000 per contract (!) for anyone who caught all of them.
Even a smaller piece of that pie was unusually profitable and not difficult to capture..
The week began with a fake breakdown from Nat’s key line on Monday that reversed in overnight trading and broke out to the upside before the open Tuesday.
From that point the price moved up in fits and starts to the first sell level and the first resistance, until the European Central Bank announcement, when the price spiked to the second sell line, made a double top, and immediately reversed back down to the Key line again.
The full profit potential was about $30 per contract on the way up, and the same amount (or a little more if you held for the breakdown) on the way back down. Total for the week: $6,000 per contract for both legs, one of the best weeks of the year to date.
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