We’ve been working on the gold market over the past week, including our discussion in yesterday’s edition of this update.
We now see that gold is now in the buy zone and providing potential opportunities for trades now for the glittering metal.
Today, let’s take at the recent trading pattern setups for gold and how it might be gearing up for a great next trade opportunity in the buy zone.
Gold In the Buy Zone
Here’s a recent gold futures contract (GC) chart and the set up discussion…
The Gold (GC) daily time frame is in a long term uptrend. The market formed a low price near the up trend line and pushed bullish.
The market broke and closed above the short-term downtrend line.
It will be a good idea to turn to the one hour time frame and to look for long ideas in the buy zone towards the daily limit price point 1,996.80, about +1,468 ticks above the market.
Please note that there is still a down Fibonacci with an extension price point 1,781.70 that was not hit.
The market does not need to fall and hit the down Fibonacci to go up. However, if the market does fall. That is the bear target the market is expected to hit.
The Bottom Line
While the stock market indexes continue to gyrate day by day, alternative assets continue to present new opportunities.
Gold may be one of them. But there are also other alternative assets that might provide opportunities for your trading plans. Specifically, I’m talking about digital currencies.
As I discuss below, there are many opportunities to trade digital currencies that I am eager to share with you as well today.
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.
And if you know someone who’d love to make this a part of their daily trading routine, send them over to joshsdailydirection.com to get signed up!
Keep on trading,
Josh Martinez
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 including 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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