alientrader
Short

Piercing the middle median line of Andrew's Pitchfork

FX:XAUUSD   Gold / 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
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