Anthony Speciale Stock Market Analyst

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How Gold is Setting Up a Strong Short Idea

This is today’s idea for the gold futures (GC) market, which has just settled on a weekly basis 1%+ below a known support channel.

If you’re a regular reader or an active member of one of my premium services here at Traders Agency, you have likely had some exposure to my analysis approach.

While every analyst has their own strategy, I employ an approach that includes the confirmation of 1%+ on price settlement…

Sometimes on a daily basis, but most of the time on a weekly basis as well.

Golden Short

That brings me to today’s idea for the gold futures (GC) market, which has just settled on a weekly basis 1%+ below a known support channel.

Price is now likely to trade towards the next area of support in the coming weeks.

Let’s dive right into the chart to see the opportunity presented and my thoughts on it…

Weekly Chart of Gold Futures (GC) — Source: TradingView

You can clearly see that price action has settled below the teal support structure by more than 1%+.

There is an ascending full channel extension below, which will serve as our target for this idea.

The dotted line above is likely where this trade has failed us and we should exit.

Conviction & Confirmation

I like this trade because of the conviction that the confirmation offered.

However, the risk required to take this trade is a bit more than I’d like it to be in comparison to the reward offered at the entry.

But for those who employ a shorter-term strategy or to those of you with a larger risk tolerance than myself, this information will serve as great value to you…

A few months back, we were successful in securing a great channel extension to the upside on gold futures.

Since then, price action has stumbled and hasn’t really offered us many opportunities outside of this recent setup I’m sharing with you today.

Gold futures haven’t been rising like they normally would while the broader markets are sinking.

It looks to me as though the US Dollar Index is getting all the attention…

Look out for another article of mine later this week covering the US Dollar Index and my expectations for that market.

Get Involved

Every week, my good friend and professional trader Josh Martinez analyzes the gold market as well as the major stock markets inside of his entry level futures trading service, Futures War Room.

Josh is one of the greatest futures traders I know. We often bounce ideas off of each other as we analyze the market.

He describes his futures trading strategy as possibly “the world’s most profitable side job”…

This strategy helped Josh turn an initial deposit investment of $500 into $39,282 in less than two years.

All you have to do is access a little-known portal in your brokerage account and start copying Josh’s strategy — step by step, and trade by trade.

It really is that simple.

If you’re interested in learning more and how you can take on the gold market, consider checking out his latest presentation right here!

Rules to Live By

“Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek.” Barack Obama

Until next time, I wish you a beautiful and blessed day!

Yours In Trading Success,

Anthony Speciale Jr.

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