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Forecast on Spot Gold (Spot Gold, NZDUSD, USDSGD)
Written by article default Wednesday, 01 September 2010 06:58
Spot Gold
SPOT GOLD closed @ 12480 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Res Zone 5 (U Turn Zone) and the Low was PRECISELY at Precise Trader's Sup Tgt 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 Limited Up while 12260 holds and Daily Trend is also Limited Up while 12210 holds, so expect the price to have a Minimum Upside and the Bulls have to be Cautious. The Daily Trend breached the Prior few Day's High and the Bulls were holding their gains till the Close which signifies some more Strength. The Hourly Trend has been in a Range Trading with a Limited Upside Bias ,12425-315 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 Test the Highs one last time before a Reverse. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 12420 12360 12305 BEARS: 12505 12590 12655
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
NZDUSD
NZDUSD closed @ 6990 which was BELOW the open and breached the previous day's low. The High was 15 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 5 (U Turn Zone). 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 Turning Up while 6885 holds and Daily Trend is Sideways while 7225 holds, so expect the price to Turn Up Soon, so the Bears may stay Sidelined and the Bulls get ready to pull the Trigger. The Daily Trend breached the Prior Day's Low but the Bears gave up marginally towards the Close which signifies some Strength in the First half of the Day. The Hourly Trend has been in a Range Trading with an Upside Bias, 6965-40 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 suggests that NZD is gaining Strength against Five Crosses so the Bears have to be Sidelined until 6965-40 is regained.
BULLS: 6965 6915 6885 BEARS: 7045 7090 7145
Today's Strategies: LONG @ the Break 7030 with a tight stop with a 50 pips price target.
USDSGD
USDSGD closed @ 13560 which was UNCHANGED from the open and was within prior day's trading range. The High was 5 pips from Precise Trader's Res Zone 1 and the Low was 10 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Within the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 13615 holds and Daily Trend is also Sideways while 13685 holds, so expect the price to be Choppy until Breakout. The Daily Trend was within the Prior Day's Range but the Price Closed unchanged towards the Close which signifies indecisiveness until the breakout. The Hourly Trend has been in a Range Trading with a Downside Bias , 13595-13615 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: 13500 13450 13400 BEARS: 13575 13625 13685
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
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