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Weekly Price & Time: Mid-June Key For Gold

Weekly Price & Time: Mid-June Key For Gold

2014-06-06 16:00:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD rebounds from key support zone
  • USD/JPY nearing important resistance zone
  • GOLD break below major support zone

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Weekly Foreign Exchange Price & Time at a Glance:

Weekly Price & Time Analysis: EUR/USD

Weekly Price & Time: Mid-June Key For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD touched its lowest level since early February on Thursday before reversing sharply form just below the 4th square root relationship of the year’s high near 1.3520
  • Our broader bias is negative on the Euro while below 1.3755
  • A daily close under 1.3520 is needed to confirm a resumption of the broader decline
  • A cycle turn window was seen this week so caution is required
  • A move through 1.3755 is needed to shift the broader trend bias to positive

Weekly EUR/USD Strategy: Like the short side while under 1.3755.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

*1.3520

1.3585

1.3630

*1.3755

1.3825

Weekly Price & Time Analysis: USD/JPY

Weekly Price & Time: Mid-June Key For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has moved steadily higher since undercutting the 200-day moving average late last month
  • 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 middle of next week is another important turn window related to the 2011 in the exchange rate
  • 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

102.50

103.10

*104.40

Weekly Price & Time Analysis: GOLD

Weekly Price & Time: Mid-June Key For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • XAU/USD touched its lowest level since late January this week
  • Our broader trend bias is now lower while below 1286
  • The 1210/20 area looks like a key downside atteraction
  • The middle of June looks to be an important time period for the metal
  • A daily close back over 1286 would turn us positive on the yellow metal

Weekly XAU/USD Strategy: Square.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

XAU/USD

*1210/20

1240

1242

*1286

1300

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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