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Forecast on Spot Gold (Spot Gold, NZDUSD, USDSGD)
Written by article default Monday, 30 August 2010 07:00
Spot Gold
SPOT GOLD closed @ 12380 which was UNCHANGED from the open and was within prior day's trading range. The High was 0.5 Dollars from Precise Trader's Res Tgt 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Within the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Turning Down while 12525 holds and Daily Trend is Limited Up while 12105 holds, so expect the price to Turn Down Soon, so the Bulls may stay Sidelined and the Bears get ready to pull the Trigger. The Daily Trend was within the Prior Day's Range and the Price Closed unchanged towards the Close which signifies indecisiveness. The Hourly Trend has been in a Range Trading with a Downside Bias,12435-12525 are the Critical levels to watch to maintain the Bearish 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: 12310 12245 12175 BEARS: 12415 12475 12525
Today's Strategies: Trade @ the Bears Levels Only.
NZDUSD
NZDUSD closed @ 7110 which was ABOVE the open and breached the previous day's high. The High was 20 pips from Precise Trader's Res Tgt 2 and the Low was 5 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Above the MA, so the Bears have to be Sidelined. Hourly Trend is Limited Up while 7055 holds and Daily Trend is Sideways while 7305 holds, so expect the price to have a Minimum Upside and the Bulls have to be Cautious. The Daily Trend breached the Prior Day's High but gave up marginally but the Bulls gave up mildly towards the Close which signifies a Choppy Session with some Weakness in the First half of the Day. The Hourly Trend has been in a Range Trading with an Upside Bias, 7070-55 are the Critical levels to watch to maintain the Bullish Outlook . On the 5 min is along the Horizontal Channel and expect a Choppy Session with a potential to break Higher. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 7085 7050 7000 BEARS: 7160 7215 7255
Today's Strategies: LONG near 7085 7050 with a tight stop with a 50 pips price target.
USDSGD
USDSGD closed @ 13530 which was BELOW the open and breached the previous day's low. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Bearish but Weak and the Price is Below the MA, so CAUTIOUS approach is needed for the Bears. Hourly Trend is Sideways while 13590 holds and Daily Trend is also Sideways while 13725 holds, so expect the price to be Choppy until Breakout. The Daily Trend breached the Prior Day's Low but the Bears gave up mildly towards the Close which signifies Choppy Session a Head with mild Strength. The Hourly Trend has been in a Range Trading with a Limited Downside Bias , 13565-90 are the Critical levels to watch to maintain the Bearish Outlook . On the 5 min is along the Horizontal Channel and expect a Choppy Session until there is a Clear Break. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 13465 13415 13365 BEARS: 13575 13630 13705
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
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