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 →

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 →