XAUUSD, in Daily Tech Analysis Training Diagram look like this:
The XAUUSD pair today reacted almost 1% towards to Tenkan Sen. From 28.06.2013 until now the pair has reached the 1200 - 1220 support line (blue line) almost three times.
So the first think is that XAUUSD could find support at 1220. If it reacts it will have triple bottoming pattern.
RSI is near oversold levels..
There is no special candlestick pattern nor a general pattern either.
If you look at the large image you will see the 1200 strong support that is the bottom of a large descending triangle (weekly based).
So for the moment I think long for 1240 and then 1255 (KUMO), if the pair stabilize above 1220. Stop loss 1210.
Look at the related previous weekly analysis
The XAUUSD pair today reacted almost 1% towards to Tenkan Sen. From 28.06.2013 until now the pair has reached the 1200 - 1220 support line (blue line) almost three times.
So the first think is that XAUUSD could find support at 1220. If it reacts it will have triple bottoming pattern.
RSI is near oversold levels..
There is no special candlestick pattern nor a general pattern either.
If you look at the large image you will see the 1200 strong support that is the bottom of a large descending triangle (weekly based).
So for the moment I think long for 1240 and then 1255 (KUMO), if the pair stabilize above 1220. Stop loss 1210.
Look at the related previous weekly analysis
