Happy Tuesday, Daily Direction readers!
We’re still keeping a close eye on gold futures. The market has retraced back toward the bottom of the channel. We’re now waiting for a U-turn toward a bullish push. Once that happens, we’ll look for opportunities to buy the market!
Until we see that counter trendline break and bullish push, we’re out of the GC. We’ll wait for the next bullish push following the current sell-off.
Our best hope is to keep a close eye on our timeframe charts and track the GC when it makes its next short-term change.
Daily Timeframe Analysis
The long-term direction for the GC remains up, as evidenced by the channel in our daily timeframe chart. That means the market continues to march its way to a new high price, despite a wave of ups and downs along the way.
And we can clearly see the market hitting the bottom of the channel in the timeframe analysis! Expect the market to prep for a new bullish rally soon. The sell-off will be temporary, so don’t worry.
The long-term direction is up for the GC
The short-term direction of the GC is down for right now
We’re waiting for a U-turn bullish in the GC
Again, this is just a temporary dip. We expect the market to rebound toward a higher price once the price drop stalls.
As soon as that happens, we’ll turn to the one-hour timeframe and start looking for opportunities to get back into the GC.
One-Hour Timeframe Analysis
Within the one-hour timeframe, the market has hit the bottom of the channel and is poised to rebound back toward a new high price. The short-term direction for the market remains down until that U-turn develops.
A new bullish rebound is anticipated to follow the retracement (short price dip). Remember, the long-term trend is up, thus the short-term sell-off will reverse, providing us with an excellent opportunity to buy the GC on the way back up!
The Bottom Line
It looks like the GC retracement is bottoming out, which means we should see a bullish rally develop soon. And when that happens, we’ll start to look for opportunities to buy the market!
The present GC setup demonstrates how my technique can assist you in navigating the ups and downs of the futures market. So, don’t wait any longer. Get started today! You don’t want to miss out on this.
Keep On Trading,
Mindset Advantage: Execute
In the end, trading is about execution. A detached, matter-of-fact execution that takes into account market data. It’s those darn emotions that get in the way.
What if you were able to execute every trade like you were cleaning up after a great meal with friends or family?
Instead of each entry or exit being the heart-pounding, drama filled moment that it is (for many), remove your emotions and treat it as though it just needs to be done.
Like taking out the trash, you don’t think about it. You don’t shed any tears over the 5 day old ravioli or hamburger buns that you’re throwing away. Why waste another second on that trade?
Good or bad. Simply execute. And free yourself to see the market from a different point of view.
Traders Training Session
Stay tuned for my next edition of Josh’s Daily Direction.
And if you know someone who’d love to make this a part of their morning routine, send them over to https://joshsdailydirection.com/ to get signed up!