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Forecast on Spot Gold (Spot Gold, NZDUSD, USDSGD)
Written by article default Tuesday, 17 August 2010 07:10
Spot Gold
SPOT GOLD closed @ 12250 which was ABOVE the open and breached the previous day's high. The High was 0.5 Dollars from Precise Trader's Res Zone 5 (U Turn Zone) and the Low was 1 Dollars from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish but Overbought and the Price is Above the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Sideways while 12125 holds and Daily Trend is Sideways Up while 11940 holds, so expect the price to be Choppy until Breakout. The Daily Trend breached the Prior Day's High but the Bulls gave up Mildly towards the Close. The Hourly Trend has been in a Range Trading with a Limited Upside Bias,12200-125 are the Critical levels to watch to maintain the Bullish Outlook .On the 5 min is along the Horizontal Channel and the Patterns are suggesting a Choppy Session with a potential to Turn Down Soon. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 12180 12100 12025 BEARS: 12285 12345 12405
Today's Strategies: LONG near 12180 12120 with a tight stop and 6-8 Pts price targets.
NZDUSD
NZDUSD closed @ 7075 which was ABOVE the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Hrly Level and the Low was 10 pips from Precise Trader's Sup Tgt 1. The Hourly Oscillators are Bullish but Weak and the Price is Within the MA, so CAUTIOUS approach is needed for the Bulls. Hourly Trend is Limited Down while 7115 holds and Daily Trend is Turning Down while 7360 holds, so expect the price to have a Minimum Downside and the Bears have to be Cautious. The Daily Trend breached the Prior Day's Low but the Price closed unchanged towards the Close . The Hourly Trend has been in a Range Trading with a Limited Downside Bias, 7100-15 are the Critical levels to watch to maintain the Bearish Outlook . On the 5 min is along the Horizontal Channel but expect the Price to Turn Up Soon. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 7040 7000 6960 BEARS: 7110 7160 7210
Today's Strategies: LONG @ the Break 7115 with a tight stop with a 50 pips price target.
USDSGD
USDSGD closed @ 13615 which was BELOW the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 13665 holds and Daily Trend is Turning Up while 13460 holds, so expect the price to be Choppy with a potential to Break Lower. The Daily Trend marginally breached the Prior Day's High but the Bears gained Mildly towards the Close which signifies Weakness . The Hourly Trend has been Creeping Lower and expect it to continue, 13650-65 are the Critical levels to watch to maintain the Bearish Outlook . On the 5 min is along the Horizontal Channel with a potential to Turn Up Soon provided 13500-13460 holds. The Opening Price Principles suggests that SGD is Strong against Three Crosses so Cautious approach is needed.
BULLS: 13500 13460 13375 BEARS: 13630 13685 13735
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
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