Today’s selling continued to day’s trading resulting in a strong draw down in both gold and silver with futures gold closing down $13.50 currently fixed at $1242 an ounce.
Recent Reports
After an unsuccessful attempt yesterday to break above the current resistance level, gold returns to trading under pressure. Today’s market activity resulted in gold futures declining by approximately $3.20, which is a quarter percent decline.
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With our timely trade alerts sent via e-mail and text message (SMS), you won't miss an opportunity to make a trade. Moreover, these alerts will eliminate having to constantly monitor the markets and your trades.
We offer Trade Alerts for Gold Futures (GC), XAUUSD (forex), Silver Futures (SI), XAGUSD.
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Money Managment
Money management is an essential component of a successful trading strategy. We use stops to define risk, and maximize profits.
- Stops limit loss exposure to a redefined amount & lock in profits by trailing them tighter when a trade moves favorably
- Defines risk and reward, thereby removing any emotional influences.
Example trade alert sequence:
07/30/24, 03:42 PM UTC: GCZ4 December Gold - buy at market (current price 2429). Place GTC stop @ 2418.
07/30/24, 06:04 PM UTC: GCZ4 raise GTC stop to 2434.
07/31/24, 02:06 PM UTC: GCZ4 place GTC sell limit (take profit) @ 2491. Raise GTC stop to 2453.
07/31/24, 07:22 PM UTC: GCZ4 raise GTC stop to 2468.
07/31/24, 07:38 PM UTC: GCZ4 limit order sell (take profit) filled at 2491. Trade summary: In @ 2429, out @ 2491 for a profit of $6200 per COMEX contract.
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The system that we use for trade recommendations is a hybrid method in which we combine fundamental data with three primary technical studies. We look at fundamental data for the "big" picture, which we weave into our technical studies. These studies help us identify key pivot points. They also provide us with the timing for entrance and exits of trades, as well as stop placements.
The three technical methods we combine are Japanese Candlesticks, Elliot wave theory and Fibonacci retracement.
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