alientrader
Short

Piercing the middle median line of Andrew's Pitchfork

FX:XAUUSD   Gold Spot / U.S. Dollar
318 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.
alientrader bardhok.ajvazi
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
Reply
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体
台灣
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out