The market for gold is providing opportunities as the stock market has its challenges.
The S&P 500 (ES) is down 2.6% this week, while the Nasdaq (NQ) is off closer to 5%.
This is leading me to examine the opportunities in the gold futures contract (GC) market that I am sharing with you today.
Read on to get all of the details…
The Trade Idea for Gold (GC)
Here’s how the chart shows the potential gain from the gold futures contract (GC)…
And here’s how I see this week’s idea setting up for GC…
The GC daily time frame is in a long term uptrend. The market formed a low price near the uptrend line and pushed bullish.
The market broke and closed above the short term down trend 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.
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
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.
This includes additional alternative assets like crude oil, which is being presented by my partner here at Traders Agency, Anthony Speciale.
Check out the link below the signature for more…
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,
P.S. My fellow analyst, Anthony Speciale, continues to follow the crude oil market with some great opportunities for a pipeline of profits. To learn more, click here.
The post Let’s Look at the Gold Market appeared first on Josh Daily Direction.