XAUUSD is within a reach of the uptrend channel resistance
On the Monthly XAUUSD chart, we can see that the instrument is trying to go for Andrew’s Pitchfork long-term uptrend channel resistance line near 2000 again. A strong resistance before this lies at 1880 falling trendline connecting previous 2025 rejection and price action since then, so we need to see a confirmed break above this level for the upside extension.
On a Weekly chart, we can see a new uptrend Pitchfork channel formed and the instrument is breaking above the median line of the first channel half 1865. This is giving us a good opportunity for both long and short trade. Short trade could be triggered if the price falls below 1864 again and long trade on a continuation from here. If you want to go long without confirmation place a stop loss below 1864 and reverse a trade to short if you would be stopped out.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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