Weekly Wrap: Gold To Hit $1300?
Matt Simpson | May 12, 2014 01:52AM ET
A snapshot view of last week's market action with technical notes
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:
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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