The political battle that made the ES dump and pump Friday did the same thing for the gold futures — in reverse.
Gold climbed steadily from Nat’s keyline on the overnight market on solid volume, and peaked late in the afternoon as the likely failure of the health insurance legislation became more obvious.
Then it sharply reversed course and dropped back to the keyline in the last hour of trading.
Overnight traders had a near-perfect entry at Nat’s keyline with only a modest drawdown, but catching the exit was more difficult. The full move was worth about $900 per contract, but those who were willing to settle for less got a much better exit.
Trade room subscribers who missed the overnight entry had a reasonable opportunity to get in around the intraday support around $1243, and were then in a position to catch both sides of the trade, with a potential profit of about $1600 per contract.