With the stock market still challenged and other financial assets having their own ups and downs, gold is gaining trader appeal right now as a viable hedge.
Gold continues to provide periodic gains both this year and last, and it is the subject of this week’s idea, which I’ve just published to my TradingView page.
But the key to profitable trades is to be in at the right entry level as well as being ready to exit at the right level.
So today, let’s take a look at potentially capitalizing on a potential bull market run in the gold futures contract (GC) as this month continues to shape up…
The Gold (GC) Trade Setup
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 the Gold futures contract…
The Gold futures contract (GC) one hour time frame is in a sideways range.
The market is near the bottom of the range showing signs of a potential bullish push towards the top of the range.
Entry: Counter trend line break bullish above the bottom of the sideways range.
Stop: In the sell zone below the low before the entry.
Limit: 1,882.10
As long the market stays above the bottom of the sideways range, it will be a good idea to turn to the smaller time frames and to look for Tunnel Trader, Destination Trader and/or Chandelier Trader long ideas towards 1,882.10.
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 also extends to alternative assets, including futures contracts for digital currencies.
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. 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.
To learn how this might work for you, I have a special on-demand presentation showing how this works utilizing my War Room service, which you can access here for free.
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