Trading Gold Futures Contracts, Here Is Our Re-Entry

Gold Futures:

Gold Futures recently broke the sideways wedge pattern to the downside.

We entered short below the 83.0, and took our first profit target of 81.3 (1/2)

We then moved our stop to entry, and got stopped out of the trade.

Now we’re looking for a re-entry, using the new swing low level of 1179.6 for this breaker pattern short.

Look for profit at 77.50 for ½ of your profit, and then look for 75.5 and 72.8 for your final profit targets.

We already have $300usd on this trade this morning, lets add some more!
 

We noticed a sideways trading range from 79.30 down to 78.00, and we are looking to short the break of these lows, below 77.95.

Entry short below 77.95, and im looking for profit targets at 77.55 for the first half of my profit, then look for the final 2 targets at the big round number of 76.05, and the final target is the next auto-level (red line) at 76.80.

FYI: The up-side of this move is still in play, but we need to wait to see where our price goes when if/when it breaks the highs of the day. We aren’t too confident to the long side, so we need to wait.

Looking for the short side first…