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Forecast on Spot Gold (Spot Gold, NZDUSD, USDSGD)
Written by article default Tuesday, 07 September 2010 06:41
Spot Gold
SPOT GOLD closed @ 12500 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 2.5 Dollars from Precise Trader's Sup Zone 1. The Hourly Oscillators are MIXED and the Price is Above the MA, so CAUTIOUS approach is needed. Hourly Trend is Sideways while 12370 holds and Daily Trend is Limited Up while 12225 holds, so expect the price to be Choppy until Breakout. The Daily Trend is still Bullish and was Trading within a Range but the Bulls gained Mildly towards the Close which signifies a Choppy session until the Break. The MA is suggesting that the Bulls are Weakening but may test the 12650-750 levels before a Reverse. The Hourly Trend has been in a Range Trading with a Limited Upside Bias and the Patterns are suggesting that 12555 must give way to reach the Price Target ,12445-370 are the Critical levels to watch to maintain the Bullish Outlook. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 12460 12405 12340 BEARS: 12535 12595 12655
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
NZDUSD
NZDUSD closed @ 7235 which was ABOVE the open and breached the previous day's high. The High was 20 pips from Precise Trader's Res Zone 1 and the Low was PRECISELY at Precise Trader's Sup Zone 1. The Hourly Oscillators are Turning Bearish and the Price is Above the MA, so the Bulls have to be CAUTIOUS. Hourly Trend is Sideways while 7170 holds and Daily Trend is also Sideways while 7075 holds, so expect the price to be Choppy until Breakout. The Daily Trend is still Bullish but just managed to break prior day's high but the Bulls gave Up Mildly towards the Close which signifies some Weakness. The MA is suggesting that the Bulls have momentum to test the Highs but are weakening. The Hourly Trend has been in a Range Trading with a Limited Upside Bias and the Patterns are suggesting that the High may have been seen , 7195-70 are the Critical levels to watch to maintain the Bullish Outlook. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
7185 7140 7095 BEARS: 7250 7300 7350
Today's Strategies: Trade @ the Bulls & Bears Levels Only.
USDSGD
USDSGD closed @ 13455 which was ABOVE the open and was within prior day's trading range. The High was PRECISELY at Precise Trader's Res Zone 1 and the Low was 20 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Within the MA, so the Bears have to be Sidelined. Hourly Trend is Turning Up while 13400 holds and Daily Trend is Sideways Down while 13615 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 is Bearish but is losing momentum and was in a Range Trading but the Bulls gave Up Mildly towards the Close which signifies a choppy session with some Strength . The MA is suggesting that the Bulls are struggling but the Oscillators are suggesting that the Bulls may gain. The Hourly Trend has been in a Range Trading with an Upside Bias and the Patterns are suggesting that if 13490 gives way we can expect the Bulls to gain control ,13420-00 are the Critical levels to watch to maintain the Bullish Outlook. The Opening Price Principles are Mixed , so Cautious approach is needed until the price breaks out of Zone 1 levels.
BULLS: 13445 13420 13370 BEARS: 13490 13535 13605
Today's Strategies: LONG @ the Break 13490 with a tight stop with a 50 pips price target.
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