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Gold at 2012 Levels.  Indices Recovering.


Welcome to this week’s Market Blast Technicals where we will look at EURCHF, Gold (XAUUSD), the S&P 500, USDCNH and USDCHF.


Yesterday we looked at general USD weakness with clear trending markets in every pair.Screenshot 2020-04-14 at 09.31.44

With USDCHF we see lower highs with key support at 0.963 which is also a Fibonacci retracement level of 38.2%.


USDCNH is also showing lower highs and had broken out of this consolidation pattern last week.Screenshot 2020-04-14 at 09.32.07


The Fibonacci 38.2% level is support here as well with several key levels below.


We are still well below the 200 day Moving Average on all the major stock indices.


The S&P 500, for example, has returned to levels from 2018 and 2019 at around 2800 with the next key level at 2933.


We need to look at the weekly chart on Gold to see current prices matching levels from 2012.


The markets are wondering if we will ever see a top to the Gold market.


In the meantime, we will watch for chart pattern like this double top on the 30 minute chart but we will need to see a break below before selling here.


We are at support on a descending triangle on EURCHF and we will need to see either a bounce to the upside or a break below before determining direction.


That’s all for now.  Happy trading with Valutrades and we will see you next week.


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