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Price & Time: Key Period Coming Up For Gold

Price & Time: Key Period Coming Up For Gold

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • 11-month low in the euro
  • AUD/USD holding above key Gann pivot
  • Important turn window coming up in Gold

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Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

Price & Time: Key Period Coming Up For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD touched its lowest level in almost a year earier today
  • Our near-term trend bias is lower in the euro while under 1.3315
  • The 7th square root relationship of the year’s high at 1.3170 is the next near-term downside pivot
  • An important turn window is seen next week
  • A close over 1.3315 would turn us positve on the euro

EUR/USD Strategy: Like only reduced short positions while under 1.3315.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.3150

*1.3170

1.3195

1.3245

*1.3315

Price & Time Analysis: AUD/USD

Price & Time: Key Period Coming Up For Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • AUD/USD is in consolidation above the 6th square root relationship of the year’s low at .9260
  • Our near-term trend bias is still lower in the exchange rate while below .9360
  • A move under .9260 is needed to set off a new leg lower
  • A cycle turn window is seen early next week
  • A move over .9360 would shift our near-term trend bias higher

AUD/USD Strategy: Like holding reduced short positions while below .9360.

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

AUD/USD

*.9260

.9285

.9310

.9335

*.9360

Focus Chart of the Day: GOLD

Price & Time: Key Period Coming Up For Gold

Gold seems to be marking time until the next important cyclical turn window around the end of August/start of September. The confluence of several important long-term cyclical relationships at the start of the summer suggests that the low around 1240 is potentially significant, although we would be less than honest if we did not admit that the lack of progress on the upside since then has us seriously doubting this view. A low early next month followed by strength over 1321 is needed to confirm the broader positive view and set the stage for a more meaningful rally over the remainder of the year. Interim support is eyed around 1277 and 1262, but weakness under 1240 is really needed to turn the cyclical outlook overtly negative.

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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.

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

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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