GOLD broke up through the ultra-short-term downtrend line on Monday, but didn’t have a follow-through on Tuesday. Instead it started to show profit-taking and sent the price back down below the broken downtrend line, perhaps a reaction to the weaker-than-expected March industrial production data. But it still managed to close above the 40-day moving average line.
Last week’s trades
Nat’s trades last week were clear, easy to follow and profitable. There was a false signal overnight Monday when the price touched the first resistance level and stalled, but by Monday’s day-session open it was clear the price was headed higher.
It touched Nat’s first sell level Monday, continued a little higher Tuesday and formed a very short-term head-and-shoulders pattern before diving back to her key line.
The price never moved above the top of Nat’s sell level. It was relatively easy to enter the trade Tuesday in the day session and exit overnight Wednesday at the key line with a profit of $25 to $30 per contract, worth between $2,500 and $3,000 for the week… with a single trade.
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