Gold swing trades, week of December 5, 2016

Last week Gold had a little short-covering and ended higher last Friday after the non-farm payroll report showed a 4.6% unemployment rate, down from 4.9% in Oct, the lowest level since August 2007. In addition the Italian constitutional referendum this weekend also encouraged shorts to cover to avoid any unexpected volatility. Last week’s trades The trade last week was fairly clear. The price started the week right at Nat’s key line and lingered there until Wednesday, when it dropped sharply. It never quite reached Nat’s first support level $1159, but … Continue reading

Gold swing trades – week of Nov. 28, 2016

Last week Gold broke down the neckline of the bearish H&S pattern at $1205/1199. That neckline had been a major support line since Feb. 2016. Now it is broken as the US dollar surges to 13-year highs. The breach of support occurred on thin pre-holiday trading. But volume was heavy on the selling side. Last week’s trades The Thanksgiving Holiday in the US disrupted trading in Gold futures last week. US stock markets were closed Thursday and only open half a day Friday, which means most traders took a long … Continue reading

Gold swing trades – week of Nov. 21, 2016

Last week Gold made a continuation low move last week. It spent the early days of the week consolidating the previous week’s decline, then dipped lower on Friday. But it managed to hold the price above the $1200 level. Last week’s trades There were few good opportunities for gold traders last week. After the spectacular moves in the previous week (see this) the market was consolidating in a fairly narrow trading range for most of the week, with few obvious entry levels. Nat said in last week’s gold outlook that: … Continue reading

Gold swing trades – week of Nov. 14, 2016

Last week The surprise results from the US presidential election sent GOLD futures up to $1338.3 but it sold off sharply into the end of week. GOLD had 6.1% net weekly loss. Last week’s trades It was a terrific week for gold traders, the greatest potential profits of the year. The unexpected ending to the US election sent gold soaring in the overnight trading Tuesday, only to start a monumental slide once the day session began. Nat’s trading levels captured both moves. The overnight buyers started jumping in almost exactly at … Continue reading