Happy Friday, Daily Direction readers!
We’re still following the gold futures market (GC) as both the long-term and short-term directions remain up, though the one-hour is showing signs of dropping below the bottom of the channel. We’ve followed the GC market all week as it gave us a good turnaround after dropping from a high price. Now, the price has dropped toward the bottom of the channel and given us a new bullish push.
Both the daily and one-hour timeframes are moving upward, meaning the market is giving us opportunities to trade in the long run. We’ve been actively looking for buying opportunities in the GC as the market moves toward the 1871.6 price point. But is the short-term direction changing again?
We’ll keep looking for chances to buy the GC at low prices as it makes its way through the buy zone, but we’ll need to keep an eye on the short-term direction.
Daily Timeframe Analysis
On a daily basis, the market is now trending upward, indicating that our long-term forecast remains positive.
We’ll keep an eye on the daily timeframe to make sure the GC holds to an upward trend.
The long-term direction is up for the GC
The short-term direction of the GC is up for now
The GC has rebounded off the bottom of the channel and given us a bullish push
Within the daily timeframe, the GC continues on a positive path
As the market continues to move upward, we’ll want to pay close attention to our trendlines so we can see if the trend suddenly changes. And that’s why accurate trendlines are so important for this strategy.
One-Hour Timeframe Analysis
The one-hour timeframe shows the GC breaking the counter trendline and moving into the buy zone, giving us options for buying the market. But the analysis also shows the market dipping below the bottom of the current channel. We’ll want to keep an eye on this as trading continues to see if the short-term direction has changed.
The one-hour timeframe for the GC shows the market breaking through the counter trendline and moving through the buy zone. But we’re seeing a dip develop
This is an example of how my strategy can help you see changes developing within a futures market. Without these timeframe analyses, we’d be shooting in the dark!
The Bottom Line
We’ll keep an eye on the one-hour timeframe to see if the market closes below the bottom of the channel. If that happens, we’ll adjust our strategy accordingly. Direction shifts can happen pretty quickly within the short term. That’s why it’s so important to stick with our plan and watch our timeframes!
We’ll keep an eye on the GC to see if the short-term direction shifts
Without my strategy, you’d be completely confused when it comes to how to handle the gold futures market right now. That’s why it’s time to start utilizing my knowledge and expertise right now! You can’t afford to miss out on this.
Keep On Trading,
Mindset Advantage: Just Breathe
If you’re not breathing, you’re not focused. If you’re not focused, you can’t see the market. Opportunities slide by in an instant. Hazards reveal themselves only when it’s too late.
You need to breathe. Breathing exercises have proven to reduce stress and increase focus.
Sure, you’re already breathing if you read this. But when you trade… you need a breathing regimen. Whatever it is: Through your nose, out your mouth counting to 10 or 100. Find a method and routine that works for you.
You’ll find balance, clarity and focus when you trade. Your heart rate will come down and you’ll just feel better.
Try it. And enjoy your trading.
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.