XAUUSD Weekly Tech Analysis (14.Sep.2014) Training

FX:XAUUSD   Gold Spot / U.S. Dollar
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.


thanks d.v some of the best free technicals avail online so far (imho). As pajama-clad prop-trader taking intraday moves on crude, some gold, treasuries, eur-treas., whatever's moving..... I find that my anchor charts drift farther, and farther, and farther from my mind as the week progresses; by Thurs or so I always make what amounts to an unforced error -- unforced b/c I am blindered to the big picture even though my trading plan specifies that I not be. I seem to think once I've had a good look Monday I've got a handle on it, and if we should cross something or work up to a pattern, that I'll instantly know it because.... well, there is no reason, no super-power.....so Just wanted to thank d.v. for some great charts; working with others was always how I made sure that my own shortcomings didn't hurt the final product, and trading on my own now for the last 3 years, it's been a real issue, but I've discovered that I can still work 'with someone' to some extent by just finding someone whose ideas interest me. My advice if anyone has identified an area of their trading they are struggling with, give yourself a break and find someone who has a fresh approach to the issue and is posting regularly, even if it isn't an instrument you trade, that's only the last 5% of the solution and it's poss. you'll actually learn more cross-applying. You don't have to be perfect, and don't worry, you'll find a way to give back or pass it on when you're ready.
Grest work,
Can u please tell the same in usoil too.
d.vezeris KashetterK E
Thanks. Check later, maybe I make a post for WTI.
d.vezeris KashetterK E
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