SPOT GOLD
SPOT GOLD closed @ 16940 which was BELOW the open and breached the previous day’s low. The High was PRECISELY at Precise Trader’s Res Zone 1 and the Low was 18 Dollars from Precise Trader’s Critical Sup.
The Hourly Oscillators are Bearish and the Price is Below the MA, so the Bulls have to be Sidelined.
Hourly Trend is Limited Down while 17300 holds and Daily Trend is Sideways while 16600 holds, so expect the price to have a Minimum Downside and the Bears have to be Cautious.
The Daily time frame, the Price is within the MA’s and pointing horizontal, the Bears gained aggressively towards the Close. The Patterns are suggesting uncertain for the Bulls but it is too soon to conclude.
The Hourly time frame, the Price is below the MA’s and pointing down, the Oscillators are suggesting a downside bias. The Patterns are suggesting that we may get some pullback after a free fall. The 15min time frame, suggesting a choppy session with some pullback higher, 17100/17300 are the Critical levels to watch to maintain the Bearish Outlook.
BULLS: 16940 16880 16750 BEARS: 17150 17300 17445
Today’s Strategies: Trade @ the Bulls & Bears Levels Only.
