Gold futures, week ending Feb. 5, 2016

Last week

“A move above $1143 could be bullish, a further advance up to $1150 area should be expected.”

— Gold outlook last week.

$1150 and beyond! GOLD continued to strengthen last week. The price was over 6.5% higher than last week’s high. But the futures finished in a doji candle on Friday with a short-term overbought condition.

Last week’s trades

Gold futures, 60-minute chart

Gold opened the week at the low, started strong and stayed strong right through to the end.

There was a concerted effort to move the price lower on heavy volume on Friday morning, coincident with a superficially good Non-Farm Payrolls report, but the buyers jumped on the decline and pushed the price up about $30 on the day.

Sentiment was strongly bullish, although the sharp decline Friday before the final rally will give traders something to watch.

The price blew through all of Nat’s selling levels; how well you did for the week depended on how quickly you recognized the strong rally.

Unless you were trading overnight it was never possible to buy at Nat’s preferred entry level, but the market paused often enough on the way up to provide several decent entry points.

The full move was worth about $6,000 per contract, but most traders were likely content with smaller gains, on the theory that. Bulls make money, Bears make money, but pigs get slaughtered.

This week

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