Good morning, Daily Direction readers!
Last week, we talked about Gold Futures (GC) and said that the market could be setting up nicely for a bullish U-turn on the daily timeframe.
Well, that U-turn is now underway, so we’re going to cover the GC in more detail today.
First, however, let’s recap where GC is on a longer-term timeframe…
On the monthly timeframe chart, GC is in an uptrend and is making higher highs and higher lows.
The market is holding above its up trend line, and there’s a monthly up Fibonacci level at the 2,486.60 level.
Now, let’s get right into the updated daily timeframe analysis for the GC…
Daily Timeframe Analysis
The GC daily timeframe is in an uptrend. And with the market bouncing off the top of the up channel, the GC is at a low price hitting a known level of U-turn.
There is also a daily up Fibonacci extension at the 2,114.60 level, which we are eyeing as a potential target now that the up channel held as support.
As the market continues to move, we’ll examine the data and keep an eye on our timeframe charts.
Remember… It’s critical to utilize all of the data we get during our research. It keeps us focused and prevents us from making emotional decisions when trading.
One-Hour Timeframe Analysis
While the monthly and daily timeframes have both been bullish for a while, the one-hour timeframe is now back in the buy zone.
The market has made a U-turn off the bottom of the one-hour channel and has broken the counter trend line bullish.
From here, we are looking for entries based on counter trend line breaks in the buy zone toward the one-hour resistance level at 1,969.80.
And for safety, we have a stop set at 1,907.40.
The Bottom Line
The GC is still pushing bullish over the longer-term monthly and daily timeframes, and it is now in the buy zone on the one-hour chart.
With all of our timeframe charts now aligned to the upside, we can look for bullish opportunities in this market.
Keep On Trading,
Mindset Advantage: Mind the Gap
There’s always a gap. The gap between you and the results you’d like. The gap between the losses you can sustain and the losses you are sustaining.
The gap is what’s holding you back. Not the market. Not your charts. You.
Focus on what you need to change to close the gap a little each session. Apply a little more discipline.
Get out of that loser a bit faster. Take those profits sooner and forget the rest.
Mind the gap!
Traders Training Session
Stay tuned for the 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 joshsdailydirection.com to get signed up!