Last week

Gold futures, week ending Jan. 8, 2016

GOLD broke the resistance of its sideways range last week. The equity market sold off in first week of the New Year and declared the Bear market, which pushed GOLD into the center stage.

Last week’s trades

Gold futures – 60-minute bars

This was the week gold traders have been waiting for, after the long slow grind down that characterized the last few months. Gold rallied on good volume right from the start of the week, and managed to push the price up $52 an ounce before falling back slightly on Friday.

The price broke above Nat’s key line immediately and moved quickoy to her first sell level, where it stalled in a two-day consolidation zone, before breaking out again and moving up sharply.

It passed her 2nd sell level in a very cler and rapid break-out, and moved on to the third resistance level, where it finally paused for breathe. Trader’s who took Nat’s entry and exited at the 1st level made a profit of about $1,600 per contract; those who exited at the 2n level made about $2,600 profit per contract; thos who stayed on board to the final resistance level made about $4,200 per contract.Certainly a good start for 2016.

This week

Gold futures, daily chart

The long-term downtrend direction hasn’t changed very much to give a “BUY” signal after the GOLD broke its short-term sideways range. But the short-term, the 20-days EMA line crossed above 40-days EMA line and gave the earliest buying signal last week. This could hint that GOLD may start to change its direction soon.

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