The short term correction continued last week. GOLD failed to move back to the $1300 level last week; instead it slipped again to struggle with the 20-day moving average line. Even though the price held and closed above the 20-day moving average line on Friday, the PMO gave a new “sell” signal. That will not encourage the Bulls to come back this week.
Last week’s trades
Nat’s swing trades usually capture one or two good moves each week. That didn’t happen last week.
The futures never managed to reach the pivot level, and by the time the day session opened Monday the price was dropping below the first support level.
From that point the futures traded primarily in a narrow $10 range between Nat’s key line and the 1st support level.
But if the usual swing trades weren’t available there were still good profit opportunities for traders who spotted the range pattern that developed during the week: the price dropped from the 1st support level to the Key line during the day session and bounced back from the key line to the 1st support in overnight trading.
It did that five times over the course of the week, and traders who spotted the pattern could have captured about $50 per contract — or about $5,000 for the week.
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