Gold is pulling back to a strong long-term upside support
Gold is pulling back from the strong upside resistance marked by Andrews Pitchfork channel long-term resistance and a historical top 2025-2100 zone. Based on this rejection we can see that the instrument will either continue its consolidation between 1750-1870 or it will go for a deeper correction to test the uptrend support line 1500. If we see a confirmed price action break below 1650 this would mean that it will go for a 1500 test. timeframeÂ
On the weekly chart, we can see that the broadening wedge 1780 resistance has been broken and the price action is indicating a possible retest of this previously broken downside resistance. Only a break above 1780 would lead to a continuation higher. This downside break has substantially changed the uptrend.Â
BASICS OF ANDREWS PITCHFORK TRADING ANALYSIS VIDEO EDUCATION
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