SPOT GOLD
SPOT GOLD closed @ 16545 which was ABOVE the open and breached the previous day’s high. The High was 1 Dollars from Precise Trader’s Res Zone 5 (U Turn Zone) and the Low was PRECISELY at 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 Sideways Up while 16385 holds and Daily Trend is Sideways while 15635 holds, so expect the price to be Choppy with a potential to Break Higher.
The Daily Closed above the Open and near the high. The Patterns are suggesting higher highs are expected but Cautious approach is needed.
The Hourly is suggesting that the Bulls may march towards 16610/16730/16815 levels and must protect the 16450/16350 levels at all times to support the Bullish view.
The 15min is suggesting that we may be in wave 3 or c which suggests that the high is not seen yet and the downside may be limited.
The Opening Price Principle suggests that the Bulls must protect 16250/16160 levels, so trade with the PT strategy when the Price breaks out of Zone 2 levels.
BULLS: 16450 16350 16300 BEARS: 16605 16650 16710
Today’s Strategies: LONG near 16485 16450 with a tight stop and 6-9 pts price targets.
