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Weekly Price & Time: Gold Trades at Multi-Month High

Weekly Price & Time: Gold Trades at Multi-Month High

2014-03-14 15:45:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD threatening an important break, key resistance level is near
  • USD/JPY fails at important Gann level, bigger correction looming?
  • GOLD records 7-month high - where to next?

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

WPT_Mar_14_body_Picture_3.png, Weekly Price & Time: Gold Trades at Multi-Month High

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD recorded a new multi-year high this week. But so far has been unable to surpass key resistance at 1.3970
  • Our longer-term trend bias is positive while above 1.3640
  • The 50% retracement near 1.3970 is key resistance and needs to be convincingly overcome to signal the ‘all clear’ for a more important run higher
  • A cycle turn window is seen late next week

Weekly EUR/USD Strategy: Looking to buy on weakness.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3640

1.3830

1.3920

*1.3955/70

1.4000

Weekly Price & Time Analysis: USD/JPY

WPT_Mar_14_body_Picture_2.png, Weekly Price & Time: Gold Trades at Multi-Month High

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has come under aggressive downside pressure following last week’s failure at the 3rdsquare root relationshipof the year’s low at 103.75
  • Our broader bias is negative in the rate while below 104.40
  • The year’s low near 100.75 is critical support with a move below having very ominous implications for the exchange rate
  • A cycle turn window is seen next week
  • A weekly close back over 104.40 would turn us positive again on USD/JPY

Weekly USD/JPY Strategy: We like tactical short positions in USD/JPY while below 104.40 on a weekly close basis.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

USD/JPY

*101.35

102.35

103.20

103.75

*104.40

Weekly Price & Time Analysis: GOLD

WPT_Mar_14_body_Picture_1.png, Weekly Price & Time: Gold Trades at Multi-Month High

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD touched its highest level in 7-months on Friday
  • Our broader trend bias remains positive in the metal while above 1348
  • The 1395 level is key resistance with traction above needed to trigger gurther gains
  • Early next week is an important cycle turn window for the metal
  • A daily close under 1348 would turn us negative on Gold

Weekly XAU/USD Strategy: Like being long while over 1348

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1320

*1348

1382

*1395

1424

Unfamiliar with Gann Square Root Relationships? Learn more about them HERE.

--- 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

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.

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