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    PEAK ASSET: AFTERNOON WRAP 22 JANUARY: | ASX up 1.3pc in huge week for Zip, Lynas | iCandy looks to double up in Chinese gaming market with Rocky Rampage launch |

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

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    PEAK ASSET: MORNING WRAP 21 JANUARY: | ASX to rise | Eco-fibre play Nanollose leads ASX healthcare sector with 292% gain |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 20 JANUARY: | ASX hits 11 month high | China shares rise on c.bank’s liquidity boost; EV, healthcare stocks shine |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 19 JANUARY: | ASX to rise, $A eases amid greenback surge | Battery sector cries out for more graphite as shortfall looms |

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Price & Time: The Topping Pattern in Gold

DailyFx by DailyFx
Wednesday, October 2, 2013
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Price & Time: The Topping Pattern in Gold
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Focus Chart of the Day: GOLD

PT_gold_body_Picture_4.png, Price & Time: The Topping Pattern in Gold

Our trepidation over the lack of upside momentum in Gold following last week’s cycle low looks justified after yesterday’s impulsive decline through several key support levels near 1300. A clear head & shoulders topping pattern was triggered on the decline and this projects a further potentially serious move lower in the weeks ahead. Often times in widely watched markets like Gold, such “clear” patterns have a way of morphing themselves into technical traps as market participants search out the path of most pain. We are not saying this will happen in this particular case, but it is worth being aware of as the metal hovers around the 1300 neckline. A move through the early August low near 1273 on a daily closing basis would do wonders to quell fears of a false pattern scenario.

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

PT_gold_body_Picture_3.png, Price & Time: The Topping Pattern in Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD traded to its highest level since early February on Tuesday, but once again failed to close above the 7th square root progression of the year’s low at 1.3545
  • We are wary of some sort of top forming here, but whilst above the 2nd square root progression of the year’s high at 1.3475 our near-term trend bias has to remain higher in the single currency
  • A close over 1.3545 is needed to trigger a more meaningful move higher towards attractions over 1.3600
  • Tuesday was a medium-term cycle turn window for the Euro
  • Weakness below 1.3475 on a daily close basis would suggest a top of some kind in the Euro has indeed been seen

EUR/USD Strategy: Reduced long positions favored while above 1.3475. May look to sell on a break of this level.

Instrument Support 2 Support 1 Spot Resistance 1 Resistance 2
EUR/USD 1.3430 *1.3475 1.3515 *1.3545 1.3590

Price & Time Analysis: NZD/USD

PT_gold_body_Picture_2.png, Price & Time: The Topping Pattern in Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • NZD/USD failed just shy of the 9th square root progression of the year’s low at .8445 late last month and has come under steady pressure ever since
  • Weakness below the 2nd square root progression of the September high at .8250 has shifted out near-term trend bias to negative
  • A convergence of the 6th square root progression of the year’s low and the 3×1 Gann angle line of the year’s closing high near .8200 is key support with a close below needed to prolong the decline
  • Today and early next week are minor turn windows in the rate
  • A move back above .8340 would shift the trend bias back to positive in the Kiwi

NZD/USD Strategy: Like selling into strength against .8340 over the next few days.

Instrument Support 2 Support 1 Spot Resistance 1 Resistance 2
NZD/USD 0.8130 *0.8200 0.8225 0.8280 *0.8340

Price & Time Analysis: EUR/CHF

PT_gold_body_Picture_1.png, Price & Time: The Topping Pattern in Gold

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/CHF traded to its lowest level since early May on Monday before rebounding
  • While below the 3rd square root progression of the year’s high at 1.2315 our near-term trend bias will remain lower
  • A downside attraction for the cross looks to be the 4th square root progression of the year’s high at 1.2200 with weakness below there needed to expsose a Gann angle convergence near 1.2165
  • The latter part of this week is a medium-term cycle turn window for the cross
  • Interim resistance is seen at 1.2275, but only a move through 1.2315 turns us positive on EUR/CHF

EUR/CHF Strategy: Short positions favored while below 1.2315, but we like reducing them into the turn window at the end of the week.

Instrument Support 2 Support 1 Spot Resistance 1 Resistance 2
EUR/CHF 1.2165 *1.2200 1.2235 1.2275 1.2315

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

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