The stock market has experienced plenty of downs lately with a few ups along the way, such as for this morning.
But with plenty of concerns held by stock traders right now, looking at alternative assets for trading gain opportunities just makes a lot more sense right now.
Gold is one of those alternative assets that traded via futures contracts (GC) may provide a big potential opportunity in the making.
After all, gold on a year to date basis has outperformed the leading stock indexes.
And it has had plenty of great runs for gains this year, including the gain in GC of 14.47% from Jan. 28 through March 8.
Today, we are going to look at my latest weekly idea that may be coming together for another potentially big gain for gold…
Setting Up for a Golden Trade
Here’s the daily GC chart and the set up discussion…
The Gold (GC) daily time frame is in an up trend. The market is at a low price just above the up trend line.
There is a down Fibonacci Gartley with an extension price point 1,781.70, about -300 ticks below the market.
The monthly and daily time frames are showing the buyers are getting ready
to take control and bring the market up.
It will be a good idea to turn to the one hour time frame and to look for low prices in the buy zone.
The Bottom Line
While the stock market continues to gyrate, there are always alternative asset trading opportunities for gains.
Gold may be one of them as presented above.
In addition, digital currencies entered at the right levels may also provide potential further gain opportunities.
Luckily, you can now leverage the market knowledge I’ve gained over all my years in the market to your advantage.
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. To learn how to do this effectively using the strategies developed inside my War Room, click here!