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.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.18% 🇨🇦CAD: 0.14% 🇦🇺AUD: 0.07% 🇳🇿NZD: -0.00% 🇨🇭CHF: -0.01% 🇯🇵JPY: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4auhNzVWYV
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-05-25
  • 🇲🇽 Balance of Trade Actual: $-3.087B Expected: $2.04B Previous: $3.398B https://www.dailyfx.com/economic-calendar#2020-05-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.32%, while traders in US 500 are at opposite extremes with 76.77%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Tha105cXZ5
  • Heads Up:🇲🇽 Balance of Trade due at 11:00 GMT (15min) Expected: $2.04B Previous: $3.392B https://www.dailyfx.com/economic-calendar#2020-05-25
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.73% Gold: -0.29% Silver: -0.85% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/enjCuKY7xE
  • $SPX faces pivotal resistance, while #FTSE 100 continues to trade in rangebound fashion. Get your #equities technical analysis from @JMcQueenFX here: https://t.co/JXLZIbXzrQ https://t.co/37cpFa4skw
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.21% 🇬🇧GBP: 0.11% 🇦🇺AUD: -0.03% 🇳🇿NZD: -0.05% 🇨🇭CHF: -0.06% 🇯🇵JPY: -0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/W8OTNI6e3n
  • 🇮🇱 GDP Growth Rate QoQ 1st Est Actual: -1.8% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2020-05-25
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.93% France 40: 1.28% FTSE 100: 1.25% Wall Street: 1.10% US 500: 1.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Fn5s0UlxkI
Weekly Price & Time: Gold Breaks Major Resistance

Weekly Price & Time: Gold Breaks Major Resistance

2013-08-16 16:37:00
Kristian Kerr, Sr. Currency Strategist
Share:

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

News & Analysis at your fingertips.