Gold futures day trading strategy

We need to zoom all the way out
on this 89-range chart on gold so we can see the complete major price wedge price
structure along with the major bear price channel and we are in the middle of
these ranges. We always know the most
challenging price action will come in the middle of any range.

The biggest clue we see on this
89-range chart for gold futures is the range of trading from Monday. Specifically, you can see the sellers pushed
price lower, outside the range from Monday below the PLOD, and then shortly
thereafter the sellers failed and the buyers pulled it back up above the PLOD. When price moved back above the PLOD we had
easy buying opportunities earlier this morning.

The 55-range chart makes our job a lot easier
with a much cleaner look at only the most important price structure and price
levels for support and resistance. The
narrow range of the price wedge in the middle of the bear price channel tells
us to be careful. The best trades today
will be selling the highs of this short term bear price channel and the 1660.0
overhead resistance.