The Average True Range (ATR) is a measurement that professional traders use to adjust their position sizes to normalize risk across all instruments.

Normalizing risk allows you to look at Gold the same way you look at Sugar or AMZN for that matter - they are all the same percentage risk to your portfolio.

Don't make the mistake of trading with "tiers" as no one optimizes their trading for the number of shares. You are trading like an amateur if you are trading a security risking $2 if the daily volatility is $6.

Downtiming to intraday time frames is a foolish endeavor and even in doing so, you can't change the fact that the daily vol at $6 is too big for what you're trying to do at $2. 

Average True Range ATR

Gorilla Glue #4

Jack Herer