Getting Ready for a Move in Gold Futures

Good morning, Daily Direction readers!

Today we’re watching gold futures (GC) as the market could be pushing through the short-term down trendline. If/when that happens, we’ll look for opportunities to trade the market.

With all of the volatility we’re seeing in the market, keeping to our strategy is of the utmost importance. Investors are watching the latest headlines, trying to get ahead of the next major shift. 

And as the Fed prepares to announce its first interest rate hike in years, you can bet that we’ll see some interesting movement in the market.


Let’s take a look at the current GC timeframe to see where we stand:

One-Hour Timeframe Analysis

Right now, the market is just below the short-term down trendline in the one-hour time frame.

You can see that the market has retraced down to the bottom of the channel. If the trend holds, the market is likely to bounce back up and push through that trendline.


Once that happens, we’ll wait to see if the GC can close above that line. That’s our signal that the market is back in the buy zone.

Turning to a 5-minute timeframe would be advantageous to our plan to buy the market as soon it gets in the buy zone. That will allow us to zoom in and find opportunities.

DAILY TIMEFRAME

The long-term direction is up for the GC

1-HR TIMEFRAME

Waiting for the GC to break above the short-term trendline

THE BOTTOM LINE

Once the GC pushes into the buy zone, we’ll look for buying opportunities 

Learn more about the Daily Direction Indicators here…

Daily timeframe
The GC is just below the short-term trendline near the bottom of the channel

Our current stop for this setup is in the sell zone, just below the last low.

We’ll place our limit at 2114.6, as you can see in the above chart.


So long as the market stays in the buy zone, we’ll hunt for opportunities within the GC!

Remember to follow your timeframe charts as the GC continues to move.

The Bottom Line

If the current trend holds, the GC should push through the short-term trendline and back into the buy zone.

When we see that happen, we can then use our short-term timeframe charts to look for a chance to get back into the GC and trade it!

This means we need to pay attention to our charts as the market makes its moves.

And since things are moving pretty quickly, we want to make sure we don’t miss out!

Keep On Trading,

The Bottom Line

Mindset Advantage: Pace Yourself

You can’t make a full-time career in a day, but you can blow it in a minute.

Slow the [insert word of your choice] down! Time and time again, we talk to traders that YOU JUST KNOW are thinking, “I’ll never retire at this pace.”

What comes next is as predictable as death, taxes, and your mother-in-law’s glare. Contracts go from one… to three… then five or more. Stops get pushed back. Losses pile up. More trades take place to cover those losses.

And then it’s over. Good night Irene – the account has been cleared.

Just pace yourself. There’s plenty of money and plenty of trades to take. Stick to your risk/reward ratio. Hold to those stops.

Take the losers with the winners and become consistent.

Build your empire with time and care!

Traders Training Session

Recognizing Market Patterns
How to Choose the Right Futures Trading Broker

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!

Josh Martinez

Josh Martinez

Josh Martinez is an elite Analyst who’s been actively trading the financial markets since 2011. He’s known as one the leading innovative traders in this industry due to his his cutting-edge strategies.

Josh first burst into the scene when he took an initial deposit investment of $500 and turned into over $39,000 in just under 2 years.
Josh’s trading articles have been featured in Your Trading Edge, The FX Street, Trader Planet, Forex Crunch, Trading Pub, and Equities.com.

In addition to trading, Joshua has also trained thousands of traders worldwide. His strategies and systems have helped others find success in the market

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