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Forecast on Spot Gold (Spot Gold, NZDUSD, USDSGD)
Written by article default Wednesday, 04 May 2011 06:50
SPOT GOLD
SPOT GOLD closed @ 15365 which was BELOW the open and breached the previous day's low. The High was PRECISELY at Precise Trader's Res Tgt 1 and the Low was 1 Dollars from Precise Trader's Sup Tgt 2. The Hourly Oscillators are Bearish and the Price is Within the MA, so the Bulls have to be Sidelined. Hourly Trend is Limited Down while 15520 holds and Daily Trend is Limited Up while 14890 holds, so expect the price to have a Minimum Downside and the Bears have to be Cautious. The Daily time frame, the Price is above the MA's , the Bears gained but gave up mildly towards the close. The Patterns are suggesting the Bulls are showing signs of weakness but not yet given up. The Hourly time frame, the Price is within the MA's and the Oscillators are suggesting a downside bias. The Patterns are suggesting a choppy session until the break and Wave 4 may complete soon. The 15min time frame, suggesting a choppy session with a limited downside and a Corrective Wave in progress , 15425/15520 are the Critical levels to watch to maintain the Bearish Outlook. The Opening Price Principles are Mixed , so Cautious approach is needed until the Price breaks out of Zone 2 levels.
BULLS: 15255 15025 14805 BEARS: 15480 15710 15765
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NZDUSD
NZDUSD closed @ 7985 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 10 pips from Precise Trader's Sup Zone 5 (U Turn Zone). The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined. Hourly Trend is Sideways Down while 8030 holds and Daily Trend is Limited Up while 7735 holds, so expect the price to be Choppy with a potential to Break Lower. The Daily time frame ,the Price is above the MA's ,the Bears gained aggressively towards the Close. The Patterns are suggesting that the Bears may have gained control. The Hourly time frame, the Price is below the MA's and the Oscillators are suggesting a downside bias. The Patterns are suggesting lower lows are expected but cautious approach is needed and Corrective Wave in progress. The 15min time frame, suggesting a choppy session until the break and may be Wave 3 in progress, 8010-30 are the Critical levels to watch to maintain the Bearish Outlook. The Opening Price Principles suggesting that NZD is weak against most of the crosses but High-low time does not support the Weakness so we may see a pullback.
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USDSGD
USDSGD closed @ 12280 which was ABOVE the open and breached the previous day's high. The High was PRECISELY at Precise Trader's Hrly Level and the Low was 20 pips from Precise Trader's Sup Zone 1. The Hourly Oscillators are Bullish and the Price is Mildly Above the MA, so the Bears have to be Sidelined. Hourly Trend is Turning Up while 12215 holds and Daily Trend is Limited Down while 12540 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 time frame ,the Price is below the MA's , the Bulls gained towards the close. The Patterns are suggesting the Bulls are beginning to gain control . The Hourly time frame, the Price is mildly above the MA's and the Oscillators are suggesting an upside bias. The Patterns are suggesting that the upside may be limited but looks like a major low has already been seen . The 15min time frame, suggesting that higher highs are expected and the downside may be limited, 12230-15 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 2 levels and High-Low time does not support the strength yet.
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