d.vezeris
Long

XAUUSD 4h Tech Analysis (02.Oct.2014) Training

FX:XAUUSD   Gold Spot / U.S. Dollar
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XAUUSD , in 4h Tech Analysis Training Diagram look like this:

The XAUUSD pair made a local bottom at 1205.51. Then it reacted towards to KUMO. The pair is fighting to get into the KUMO and until now it has breached the two resistance lines.

MACD is bullish and has multiple divergences. RSI is looking up.

There is no special candlestick pattern nor a general pattern either. The 1226 is the 0.764 of fib. Next target 0.618 of fib at 1238.

So in order to have a bullish reaction confirmation the pair has to breach the top of KUMO at 1226. Until now it failed three times before. Wait and see. Long if it stabilizes above 1226 for EMA 200. Short under the resistance line.
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