XAUUSD, in Weekly Tech Analysis Training Diagram look like this:
The XAUUSD pair made a great decline last week under the KUMO from $1264 to $1229. If we measure the fib from $1779 on 01.Oct.2012 to $1220.44 on 01.Jul.2013 it is obvious that after a correction at 0.618 of fib @ 1433.86, Gold consolidates in a descending triangle. In weekly base next two weeks are critical. Until now the pair has reacted two times from $1190-$1220.
In a case of reaction the top of the triangle is on a very thin KUMO that has no resistance at all, exactly on 1300. This scenario is supported by the Newmont Mining Corp that the last two months has negative correlation to XAUUSD.
MACD gave a bearish sign and RSI is near 36. The pair is under the KUMO, Tenkan Sen and Kijun Sen.
In daily and 4h Diagram is bearish but both in oversold levels. Chikou Span has no support.
So Even if all are bearish, I think that anyone must be cautious and study the behavior at $1200-$1220 next week. If the pair stabilizes under @1210 then short for much lower. If the pair reacted then Long for the top of triangle.
P.S. I remind that the diagram is on weekly base.
The XAUUSD pair made a great decline last week under the KUMO from $1264 to $1229. If we measure the fib from $1779 on 01.Oct.2012 to $1220.44 on 01.Jul.2013 it is obvious that after a correction at 0.618 of fib @ 1433.86, Gold consolidates in a descending triangle. In weekly base next two weeks are critical. Until now the pair has reacted two times from $1190-$1220.
In a case of reaction the top of the triangle is on a very thin KUMO that has no resistance at all, exactly on 1300. This scenario is supported by the Newmont Mining Corp that the last two months has negative correlation to XAUUSD.
MACD gave a bearish sign and RSI is near 36. The pair is under the KUMO, Tenkan Sen and Kijun Sen.
In daily and 4h Diagram is bearish but both in oversold levels. Chikou Span has no support.
So Even if all are bearish, I think that anyone must be cautious and study the behavior at $1200-$1220 next week. If the pair stabilizes under @1210 then short for much lower. If the pair reacted then Long for the top of triangle.
P.S. I remind that the diagram is on weekly base.
