Gold is breaking above the long-term falling channel
In this article, we are drawing Pitchfork channels on Gold
On the monthly Gold chart, we can see that the instrument is breaking the downside Pitchfork channel by closing above 1275 level. This breakout is opening an upside reversal extension into the 1400 level.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
Andrews Pitchfork trading technical analysis is included in Bushido trading transformation program 2019!
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets indicated below.
On the Weekly chart, a new uptrend Pitchfork channel has been formed. By a trading perspective, we have a clear support level where your stop loss should be below, 1280 level. Going long at the market you would risk up to $30 per contract and your target should be 1374 level at least. If this level will be broken we could see a test of 1405 level.
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