Mid-Term Gold Short
Updated
As shown in the chart, we are stuck inside of an " Andrews Pitchfork" on the 4H and D time frames. We are looking for gold to drift up to resistance and have a powerful drop down into 1450-1430. From here, this may be our floor before pushing up to new highs which would be over a 1000 pip trade. If you don't want to miss the train on this trade, especially if it drops before hitting 1497-1500 levels, You can scale in to your trade by placing 20-25% of your trade here, and keep adding another 20-25% every 25 pips to get a better averaged entry. Looking to hold this one out to around November 1-4
Note
As well to add, i don't believe we will be hitting the top of this channel before moving down as we have recently had a small pullback from our 3rd bounce and we are still in the highs of this channel so very unlikely.
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