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
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/TzoInyMAQR
  • Evergrande shares jump as much as 32%, with over 240 million shares traded -BBG
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/F8psKaw1dB
  • PBOC injects net 110b Yuan in open market operations -BBG
  • RT @BrendanFaganFx: Hang Seng, ASX 200 May See Relief After Fed. Evergrande Set for Restructuring? #Evergrande #HangSeng #FOMC Link: http…
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:https://t.co/MrLGSp7FYa https://t.co/m42Rdv39Dx
  • Chinese estates' Evergrande loss assumes all shares sold -BBG #Evergrande
  • RT @FxWestwater: Australian Dollar Fights FOMC-Charged US Dollar After Upbeat PMI Data Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/22/Australian-Dollar-Fights-FOMC-Charged-US-Dollar-After-Upbeat-PMI-Data.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $AUDUSD https://t.co…
  • Heads Up:🇯🇵 Foreign Bond Investment (18/SEP) due at 23:50 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-09-22
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:https://t.co/l4kAWDrr7M https://t.co/B041Lqtg3S
Weekly Price & Time: Gold Breaks Major Resistance

Weekly Price & Time: Gold Breaks Major Resistance

Kristian Kerr, Sr. Currency Strategist

Gold breaks above a major resistance level this week while EUR/USD continues to consolidate below 1.3415. USD/JPY in a narrow range.

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

Weekly Price & Time Analysis: EUR/USD

WPT_gold_body_Picture_3.png, Weekly Price & Time: Gold Breaks Major Resistance

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD came under some steady pressure to start the week, but our key support level at 1.3185 was never threatened
  • Our medium-term trend bias remains lower in the Euro, but traction over the 1.3415 2Q13 high on a weekly closing basis will shift higher
  • Weakness under 1.3185 is desperately needed to reinvigorate the prospects for a more material downside move
  • The second half of the month looks like the next turn window of importance for the single currency
  • The 1.3415 2Q13 high is important from a Gann perspective and a weekly close over this level will alter the broader negative picture in place since June

Tactical EUR/USD Strategy: Short against a weekly close above 1.3415.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3185

1.3340

1.3365

*1.3415

1.3480

Weekly Price & Time Analysis: USD/JPY

WPT_gold_body_Picture_2.png, Weekly Price & Time: Gold Breaks Major Resistance

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY found support (on a closing basis) early this week at the 1x1 Gann angle line of the late February low near 96.30
  • While over the 2Q13 low near .9375 our longer-term trend bias will remain higher in the exchange rate
  • The 5th square root progression of the year’s high near 98.60 is now key resistance and traction over this zone is needed to trigger a more important push higher
  • The second half of the month now looks like the next cycle turn window of importance
  • Only aggressive weakness below the 2Q13 low on a multi-day closing basis would alter the broader postive prospects of the exchange rate

Tactical USD/JPY Strategy: Tactical longs still favored against .9375.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*93.75

95.90

97.35

*98.60

99.55

Weekly Price & Time Analysis: Gold

WPT_gold_body_Picture_1.png, Weekly Price & Time: Gold Breaks Major Resistance

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD broke above important Fibonacci resistance near 1350 this week to trade to its highest level in almost 2-months
  • A weekly close over this level will turn the longer-term outlook to positive
  • A myriad of Gann and Fibonacci levels between 1372 and 1384 is the next resistance zone of note with strenght above needed to further confirm a trend shift
  • The next medium-term cycle turn window is seen around the end of the month
  • Only weakness below the 3rd square root progression of the year’s low near 1280 would turn us negative again on the metal

Tactical Gold Strategy: We like tactical long positions in Gold while above 1280.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1280

1317

1368

*1384

1400

--- 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