Gold swing trades, week of Aug. 8, 2016

Last week

160805-gold prices

Gold futures, for week ending Aug. 5, 2016.

GOLD tumbled after a stronger-than-expected non-farm payrolls report last Friday. It finished off $33 or 2.4% down from Tuesday’s high at $1374.2 level. It also made its worst one-day drop since May 24.

Last week’s trades

160805-gold 60a

Gold futures, Aug. 5, 2016. 60 minute bars.

Pretty easy trading last week. The price fluctuated around Nat’s key line almost all of Monday and in the pre-market Tuesday.

Then it broke out, and moved up to stop almost exactly at her first sell level.

It stayed there for a day, then dropped back almost exactly to Nat’s key line again.

There was even a chance for a second long entry from the key line Thursday. That move stopped short of the sell level but moved neatly past the first resistance level, before the Non-Farm Payrolls were released and Gold went in the tank.

The potential profit on those trades depended on how long you stayed with it. Traders who took the first move and left made abut $2,000 per contract; traders who caught the full move made in excess of $5,000 per contract.

This week

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