Chart of the Day – AUD/USD
(Chart courtesy of FX Solutions’ FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; Fibonacci retracements in grey; 50-period simple moving average in light blue.) 7/02/2009 – AUD/USD – Dollar-strengthening price action on AUD/USD, a daily chart of which is shown, has once again descended back down to a key uptrend support line extending from the March lows. This line has already been
What’s Next for Gold
Gold is ending the week at a key support level. If 929.39 continues to hold, we could see a rally week which takes us first to 958.60, and if that breaks possibly to re-test January’s high of 1005.98 If the 929.39 level is broken, we could see prices drop to 872-882 before it begins to recover. Long-term, we remain bullish on gold, with an eventual target at 1129.96 Dollars per ounce. But, before that target can come back into play, price needs to break 1005.98, and find