Gold to test the Median line 1400 level
In this article, we are drawing Pitchfork channels for Gold
On the Monthly Gold chart, we can see that the pair is in sideways uptrend channel and it is being attracted by the median line 1400 level. On this road, the instrument is supported by 1315 level
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Earn 60% of your profit on a $10.000 Live accountUsing 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.
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 Daily chart, the instrument formed a new uptrend Pitchfork channel which could lead to a test of 1400 in case of an upside extension above the 1360 level. By a trading perspective, look for the long trade entries with the stop loss below 1320 to target 1400 level. Downside invalidation will come on a stop loss trigger and a daily close below the 1325 level.
