Day Trading Gold by Using  GC E-mini Contracts

Gold chart weekly

 Day Trading Gold Weekly Chart Movement:

Since 4-5 weeks Gold are more likely to be in consolidation, but Sellers still control the game, and 50MA are more likely to support Sellers than Buyers.

And As you can see, we are in Bearish channel.

Double Top: Important thing to look at, Buyers never was able to go back to “the” double top price. And they try twice.

1st Short Target Line: This price are also resistance or support, depending who’s in control at this level. So far, Sellers are trying to control this price but buyers resist to sellers.

Double Bottom: My 3rd target are not at this double bottom, for only one reason. Sellers fail every time to close under 1582.00. this is another important price to win for sellers, if they are looking to go lower.

Day Trading gold daily chart & movement:

Gold chart daily

On daily gold chart,we can see how Sellers taking more and more control, by using 50MA as a resistance.

On 1st move, sellers close right way under 50MA daily chart. And test right way after MA200. I guess, after testing 200MA and close under, they let buyers take control, and see how strong they are at this level. If you Look on Volume, Buyers was weak if we compare to sellers lass Spike of volume. It took them 3 times to finally close under 200MA.

Now, Sellers are Supported by 200MA and 50MA.

Price to watch, is ~1640.00.  Sellers looking to retest this price. As always, It depend on level of commitment.

I’m looking there for at least 130k volume in total , winning by Sellers to go lower  and if they won’t be able to achieve this, We are going to consolidate for few days.

PS: Day trading Gold: it can be interesting to short now. For my self, I prefer to let sellers go as lower they can, and then take a trade “Long” for greater Profits and Less Risk.