GOLD had a short-term overbought condition in the prior week and was due for a pullback last week. The decline in the past several days could result from profit taking in anticipation of a greater overbought condition.
Last week’s trades
The intra-week volatility is increasing in gold, and that is presenting excellent trading opportunities.
Last week there were three decisive movements that together moved the gold futures through more than $100 per contract … and ended up only slightly changed for the week (a $10 decline from close to close).
For traders following Nat’s calls, the best opportunity was on Thursday, when the price decline halted almost exactly at her first buy level and reversed sharply for a $45 rally.
The move should have been relatively easy to catch. For example, traders who had resting buy orders at that level with a trailing stop captured anywhere from $30 to $40 in less than two days, worth $3,000 – $4,000 per contract.
If they reversed the position after the spike top overnight Thursday they could easily capture another $20-$25 ($2,000 – $2,500 per contract) on the way down. Not a bad return for a $9 a month membership.
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