Gold got my attention this week as the currency and other markets set up conditions that are more favorable for the shiny yellow metal.
Add in the ongoing volatility in the stock markets, and traders have been further getting in line with my reasoning for higher gold prices.
I recently presented the trade idea for gold, including the limit/target level of 1,874.90.
And with the market moving ever closer to this level, I need to keep you in the loop on this trade as there is still some upside left.
So, here’s how the trade is shaping up this week and how I see it shaking out for you.
Gold Nears the Limit
Here’s how the chart is moving this week…
And here’s how the trade is shaping up towards its limit…
The gold futures contract (GC) one hour time frame is in an up trend. The market is in the buy zone making higher highs and higher lows.
Entry: Counter trend line break-bullish in the buy zone.
Stop:1,803.70
Limit: 1,874.90
As long as the market stays in the buy zone, it will be a good idea to turn to the five minute time frame and to look for Tunnel Trader long / Destination Trader long ideas towards the Fibonacci limit.
This sets up the limit level to potentially be hit this week!
The Bottom Line
For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
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Keep on trading,
P.S. I have been teaching more and more traders how to make their own trading accounts work so well that they can effectively become a side job with plenty of regular earning opportunities, particularly in digital currencies like BTC and ETH.
To learn how this might work for you, I have a special on-demand presentation showing how this works utilizing my War Room service that you can access here for free.
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