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Price & Time: Gold Correction Ending?

Price & Time: Gold Correction Ending?

Kristian Kerr, Sr. Currency Strategist

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XAU/USD has come under steady pressure since failing on a closing basis late last month at the 7th square root progression of the year-to-date low near 1418. The decline that has followed has been unimpressive and looks only corrective in nature. However, a big test of this this view will come around 1357 to 1337 as this zone marks a convergence of the 2nd square root progression of the August high, the 5th square root progression of the year’s low and the 38% retracement of the June-August advance. If the metal is set to undergo a more immediate upside resumption then this is the support zone from where it should probably occur. Too much additional weakness beyond1337 would raise the possibility that a much more volatile and drawn out corrective process will play out. Only aggressive weakness below 1270 would turn the technical outlook in Gold more overtly negative.

USD/JPY Daily Chart: September11, 2013

range_gold_body_Picture_2.png, Price & Time: Gold Correction Ending?

Charts Created using Marketscope – Prepared by Kristian Kerr

Key Event Risks in Coming Sessions:

range_gold_body_Picture_1.png, Price & Time: Gold Correction Ending?

LEVELS TO WATCH

Resistance: 1383(Gann), 1418 (Gann)

Support: 1337 (Fibonacci), 1350 (Gann)

Strategy: Buy Gold

Entry: Buy Gold at 1351

Stop: 1-day close below 1337

Target: 1418

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

Are you looking for other ways to pinpoint support and resistance levels? Take our free tutorial on using Fibonacci retracements.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter at@KKerrFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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