🟡 GOLD - Analysis (Andrews pitchfork tool)

Hello to all members of TradingView and my followers.

Last week, the gold market remained neutral at around $ 1,850 an ounce, and sentiment among Wall Street analysts began to decline as the Federal Reserve continued to push rapidly for higher interest rates for the rest of the year.
By examining the situation of the trend in the four-hour TF, due to the drop on Friday and the return of the price to the range of May 30, the scenario of continuing the neutral phase has been strengthened.
Using the Andrew’s Pitchfork Tool, which uses the May 16, May 24, and June 1 pivots, it is novel that the break in the bottom of the pitchfork warns of continued price declines up to the June 1 floor level.
If this failure does not occur and the price continues to grow, the break of the resistance of $ 1863-1867 will confirm the growth up to the range of $ 1893-1895.

❓ What is Andrews pitchfork in forex?
Andrews' pitchfork is a method that uses a series of three trendlines to identify trends and reversals. Higher and lower trend lines denote support and resistance.

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