GOLD broke through its latest 4-month consolidation range and roared further up on short covering. It had its best one-week performance in four-years, gaining more than 6%. So far the price is up more than 18% from last December’s low.
Last week’s trades
Gold made a huge run up last week. The weekly range was just 50 cents shy of $100, almost triple the recent weekly movements.
However the breakouts occurred so quickly a lot of traders were unable to catch much of the move.
The price never touched neither the pivot point nor Nat’s key line last week. Instead it moved up in overnight trading Sunday, and climbed about $35 Monday, then spend the next three days fluctuating around Nat’s second sell level.
After Wednesday’s trading it made another breakout move overnight, and shot up another $65 in a day, before dropping off a little at the end of the week.
The first leg was worth about $3,500 to traders who were quick enough to catch the full move; the second leg was worth about $6,500 to a fortunate few.
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