Gold futures day trading strategy

The gold futures markets have been rising all morning with
news from Bernanke when we spoke about being open more stimulus here in the US
to aid the recovery. This leads to
inflation which leads traders to seek shelter in the gold futures.

We see the major price wedge structure and the major bear
channels and we needed to draw two of them to get the best options this
morning. You can see the dollar index correlation
plays into this perfectly, with resistance overhead we are looking for selling
opportunities on gold futures.

As price rises I’m gold futures we need to look for selling
opportunities as we go into overhear resistance. And we want to sell these highs as the higher
percentage trade.

We move to a faster timeframe, the 55 range chart and we can
see there is NO advanced price-structure on the zigzag, so we look for the
AB=CD Pattern along with symmetry in price from A to B and then from C to D to
know where we have the resistance overhead.

The 55 range chart also shows us where the trigger-zone
support levels will be, and the profit targets for our short trades this
morning. We can see major support below
us at the 75.5 and 70.5 which will make excellent locations for our final profit
target on the way lower.