News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • A noticeable move lower in EUR/GBP as the Bank of England strikes a slightly more hawkish tone $EURGBP https://t.co/tiiv3x0dM2
  • $SPX Daily. . . Before & After #FOMC . . . https://t.co/yXrFqH6mHx https://t.co/pT33kiYiXg
  • A big move in the US 10-year Treasury yield following yesterday's FOMC meeting. Resistance around 1.38% was broken easily, with the 10Y settling around 1.43% $ZN $ZB https://t.co/k6eht1IkXG
  • The Bitcoin plunge turned off near-term downtrend support and while we could see more recovery in the short-run, the risk remains lower while within this formation. Get your $btc market update from @MBForex here:https://t.co/Vf94gjIqhx https://t.co/nqhU8Ve5mx
  • The Central Bank of the Republic of Turkey ended its monetary tightening cycle will a surprise 100-bps rate cut on Thursday. Get your market update from @CVecchioFX here:https://t.co/zbhiBmUKiO https://t.co/AYxFnqB7ou
  • Risk on sentiment has buoyed AUD/USD, with the cross trading back above 0.7300 $AUDUSD https://t.co/Bx5MOuIgDb
  • The morning after the Fed has produced some robust moves in markets, with both stocks and bonds putting in a notable leap. Get your market update from @JStanleyFX here:https://t.co/7sQ4d63PLM https://t.co/vfrKuhDUce
  • Gold trades back down to $1,750 as US real yields tick higher $XAUUSD #Gold https://t.co/yMtnYCBsaa
  • Canadian Dollar Price Forecast: USD/CAD Snaps Back to Key Support https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/23/Canadian-Dollar-Price-Forecast-USD-CAD-USDCAD-Snaps-Back-to-Key-Support-Zone.html $USDCAD https://t.co/BGiAkAI3zy
  • RT @BrendanFaganFx: 77 counterparties take $1.352 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/kjecsXvpVU
Price & Time: Gold Breaks Major Resistance - Now What?

Price & Time: Gold Breaks Major Resistance - Now What?

Kristian Kerr, Sr. Currency Strategist

Gold & the S&P 500 break major levels while USD/JPY fails at Gann resistance.

To receive other reports from this author via e-mail, sign up to Kristian’s e-mail distribution list via this link.

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: USD/JPY

PT_gold_body_Picture_4.png, Price & Time: Gold Breaks Major Resistance - Now What?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY touched the 5th square root progression of the year’s high at 98.60 on Thursday before reversing sharply
  • While over 96.55 our near-term trend bias will remain higher in the rate
  • The 98.60 level is now a clear upside pivot with strength over this level needed to signal a more important move higher
  • Friday is a minor cycle turn window
  • Weakness below 96.55 on a closing basis would turn the technical outlook negative

USD/JPY Strategy: Like the long side whilst over 96.55.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

95.95

96.60

97.45

97.60

*98.60

Price & Time Analysis: USD/CAD

PT_gold_body_Picture_3.png, Price & Time: Gold Breaks Major Resistance - Now What?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/CAD continues to trade in a sideways to higher range above the 1.0285 2x1 Gann angle line of the 2012 low
  • While Funds is below 1.0380 our near-term trend bias will remain lower
  • A move under 1.0285 is now needed to trigger a more important decline
  • A medium-term turn window is see around the middle of next week
  • Strengh above 1.0380 is needed to improve the negative technical structure and tun us positive on the rate

USD/CAD Strategy: Like the short side on a move through 1.0285.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/CAD

1.0235

*1.0285

1.0325

*1.0380

*1.0440

Price & Time Analysis: S&P 500

PT_gold_body_Picture_2.png, Price & Time: Gold Breaks Major Resistance - Now What?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • S&P 500 broke below a key support level at 1672 on Thursday
  • Our near-term trend bias is now negative in the index
  • The 38% retracement of the June to August advance near 1650 is immediate support and weakness below there is requred to set up a more important decline
  • Near-term cycles studies suggest today could be signficant for the market
  • A close back over 1672 would alleviate some of the downside pressure, but above 1710 is really needed to put the index back in a truly positive position

S&P 500 Strategy: Like being short while below 1710.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

S&P 500

1638

*1650

0.8615

1672

*1710

Focus Chart of the Day: XAU/USD

PT_gold_body_Picture_1.png, Price & Time: Gold Breaks Major Resistance - Now What?

Gold underwent an important break on Thursday as it managed to close over both key Fibonacci symmetry at 1348 and the 1x2 Gann angle line of 2012 high near 1360. This break of key resistance now puts the index in a much more positive technical position and increases the possibility that a more important low was indeed recorded during the late June Gann cycle turn window. However, the metal is not quite out of the woods just yet as the 78.6% retracement of the June range, the 61.8% projection of the June to July advance and the 6th square root progression of the June low all lurk overhead between 1372 and 1384. A clear breach of these levels would definitively further improve the metal’s outlook. That said, only weakness under 1280 undermines the positive tone in XAU/USD and turns the outlook overtly negative.

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

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved.

Looking for a way to pinpoint sentiment extremes in Gold in real time? Try the Speculative Sentiment Index.

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

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

DISCLOSURES