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Weekly Price & Time: Gold Turn Window Ahead

Weekly Price & Time: Gold Turn Window Ahead

2014-04-25 15:00:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD holding above key Gann level
  • USD/JPY bouncing between important Gann levels
  • GOLD has an important turn window next week

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: Gold Turn Window Ahead

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD has been stuck in a sideways to lower range since failing earlier in the month at the 78.6% retracement of the March/April range in the 1.3900 area
  • Our broader bias is negative on the Euro while below 1.3970
  • Back under 1.3730 is needed to re-instill downside momentum
  • A cycle turn window is eyed around the start of May
  • Only over 1.3970 turns our broader outlook positive

Weekly EUR/USD Strategy: May look to sell against 1.3970.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3730

1.3800

1.3840

1.3900

*1.3970

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Gold Turn Window Ahead

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY remains in a broad range
  • Our broader bias is negative in the rate while below 104.40
  • A close under 101.35 will signal a resumption of the broader decline
  • The first part of next week is a medium-term cycle turn window
  • Only strength over 104.40 will turn us positve 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

100.75

*101.35

102.05

103.10

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Gold Turn Window Ahead

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD traded to its lowest level since early February this week before rebounding sharply from just below the 1x1 Gann angle line of the 2013 low near 1275
  • We are negative on the metal while below 1331
  • The 1275 area is key support with a weekly close below needed to signal a resumption of the downtrend
  • The next turn window of importance is around the middle of next week
  • A daily close over 1331 will turn us positive on the metal

Weekly XAU/USD Strategy: Like holding reduced short positions while below 1331.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

1260

*1275

1303

1318

*1331

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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