From Monday till Thursday Gold traded sideways in between the range of 1254.1700(Support zone) and the 1263.400 (Resistance zone) as we open for the last day of the week we sour Gold breaking through the 1263.400 (Resistance zone) retesting the resistance zone as support and closing the week at a bullish price of 1266.97
Correlated currencies Pairs
With both the S&P and Nasdaq trading at all times high and the DAX trading at 7 month support zone followed by the Dow Jons trading at two month high with both the Dax and Dow Jons indicting a possible reversal we likely to also get some form of change in power dynamics in the EURUSD, Translating this to Gold we know that Gold has a Negative/Inverse correlation to the EURUSD which also confirms the possible change in power dynamics. From the previous week the EURUSD opened at a price of 1,1917 and pushed up to the weekly high of 1,12617 and closing the week 252 points(25.2 pips) under the weekly open at a bearish price of 1,11769.
Through out the previous week the Aussi opened at a price of 0,74503 and pushed up to the weekly high of 0,75163 closing the week at a bearish price level of 0,74442 60points under the weekly open. Just like the EURUSD this is an indication of a bearish week ahead, we can also take Copper which is currently trading at 2 year support level as an indication of the direction of the Aussi, through out the previous week Copper has been moving between the range of 2.58600(Resistance Zone) and 2, 56600 (Support Zone) with a possibility of breaking to the upside
On the Daily chart we see that the pair has broken through a 1 year resistance bearish trend line forming a higher high and a higher low with a potential of breaking through the 56.837308 resistance level