Gold, in 4H Tech Analysis Training with ICHIMOKU cloud & Fibonacci projections look like this:
The XAUUSD pair had a sharp decline from 1339.74 (4h) to 1293 and the price is under the Tenkan Sen (light green line) and Kijun Sen(blue line) too.
Marginally the pair is oversold (RSI) and turning Bullish from MACD. The situation is that the pair is far away from the Tenkan Sen(light green line) and the Kijun Sen(blue line) and this is the error of the regression.
MACD is bullish under the zero line (weakly bullish).
RSI is turning upside and looks forward to overcome the oversold levels.
Fib projection from 1242.31 to 1339.73 show a logic correction at 0.5 of fib. Yesterday the pair found a resistance at 0.618 of fib at 1302.52. In related links you can see major support levels for daily and weekly diagram.
I have designed a hypothetical uptrend channel (just very early to be a valid one)
So I think that MACD will give new bullish sign and that gold gives a try to test 1316 (0.764 of fib). If it breach it then uptrend will be here again with a new high target at 1363 in order test the long term resistance line.
The XAUUSD pair had a sharp decline from 1339.74 (4h) to 1293 and the price is under the Tenkan Sen (light green line) and Kijun Sen(blue line) too.
Marginally the pair is oversold (RSI) and turning Bullish from MACD. The situation is that the pair is far away from the Tenkan Sen(light green line) and the Kijun Sen(blue line) and this is the error of the regression.
MACD is bullish under the zero line (weakly bullish).
RSI is turning upside and looks forward to overcome the oversold levels.
Fib projection from 1242.31 to 1339.73 show a logic correction at 0.5 of fib. Yesterday the pair found a resistance at 0.618 of fib at 1302.52. In related links you can see major support levels for daily and weekly diagram.
I have designed a hypothetical uptrend channel (just very early to be a valid one)
So I think that MACD will give new bullish sign and that gold gives a try to test 1316 (0.764 of fib). If it breach it then uptrend will be here again with a new high target at 1363 in order test the long term resistance line.
