alientrader
Short

Piercing the middle median line of Andrew's Pitchfork

FX:XAUUSD   Gold/U.S. Dollar
314 2 3
Here we have a nice short signal triggered by the breakout of the middle median line of the Andrew's Pitchfork. In general, Andrew's Pitchfork lines act as a magnet on the price the breakout opens the way to the lower median line. This is a long middle to long term play so the technical picture might be distorted by fundamental events meanwhile.

However if the bearish trend should develop further as I think so, the next key support levels will be found at 1240$, 1218$ and lastly 1179$ which is the confluence of the low of 2013 and the lower median line of Andrew's pitchfork.

So far the picture is also backed by fundamental as the dollar is boosted by rate hike speculations.
bardhok.ajvazi
2 years ago
GOLD drop on previous structure support.
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alientrader bardhok.ajvazi
2 years ago
Thanks for your comment:
I wouldn't be long at 1240$, a reversal play is rather risky given the current strength of the trend and all the bearish technical configurations triggered lately Bardhok. I'm not saying that Gold is not due to a slight pullback from 1233$ low to the resistance zone of 1240 - 42, to me it will be an entry point to reenter a short trade. cheers
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