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Weekly Wrap: Gold To Hit $1300?

Published 05/12/2014, 01:52 AM
Updated 07/09/2023, 06:31 AM

A snapshot view of last week's market action with technical notes
FX Majors & Crosses Daily
FOREX:

AUD/USD  Morning Star Reversal on W1 to warn of bullish continuation 
EUR/USD  Bearish Engulfing on W1 also closed beneath bullish trendline from July '13 warns that 1.40 is an interim top
GBP/USD  Shooting Star Reversal below 1.70 warns of interim top and further highlights Greenback strength
USD/CAD  Bullish Piercing Line on D1 but remains below Weekly / Monthly Pivots and 1.10
USD/CHF  Bullish Engulfing; A break above 0.895 confirms Double Bottom Reversal 
USD/JPY  Held above H&S neckline support so longer-term triangle remains intact; A break above 102 targets 102.50
NZD/USD Shooting Star Reversal on W1; Trading mid-way within 0.852-0.870 range in sideways correction; Break below support warns of Top

Indices Bonds & Commodities
INDICES:

NASDAQ trades within a potential expanding wedge but falling behind SP and DJI
S&P, DJI and GER30 closes the week just shy of their bullish breakout lines to confirm Inverted H&S
AUS200 potential bearish wedge forming on D1; However still leaves room for news highs as it remains above a bullish trendline from Feb '14 low

COMMODITIES: 

Gold Reached our $1280 target and remains within triangle formation; $1300 has a strong confluence of resistance and remains a likely target intraday
Silver Rest precariously on $19 support within longer-term descending triangle (bearish) 
WTID1 Shooting Star beneath Monthly Pivot; Potential Bear flag forming
Brent Oil Bearish Inside week within complex correction; However decline from $110.50 highs appear corrective which suggest s anew high is pending.

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