Precise Trader Market Review for 11th March 2022

11 Mar 2022 04:01

11th Mar 22

PRECISETRADER

SPOT GOLD

ECONOMIC DATA: GBP GDP, MANUFACTURING PRODUCTION, EUR EU LEADERS SUMMIT, USD MICHIGAN CONSUMER SENTIMENT, CAD UNEMPLOYMENT RATE & EMPLOYMENT CHANGE.

 

PREVIOUS OPEN/HIGH/LOW/CLOSE: 19910/20095/19710/19975.

PREVIOUS DAY ACTION:  The Bears are back on the Daily and Hourly, Closed mildly Above the Open and near the Open.

 

TREND: WEEKLY: Sideways Up DAILY: Congestion Up, HOURLY: Congestion Down.

 

SUPPORT DAILY: 19910/19820/19700 RESISTANCE DAILY: 19985/20055/20155.

 

 TODAY RANGE: 19820/20030 and Extension: 19710/19650 & 20095/20165/20235.

 CRITICAL LEVELS:  20010/20100 & 19970/19880.  OPEN/HIGH/LOW: 19975/19995/19935.

 

HOLDING LEVEL:  19985 PT HOOK: 20055 BENCHMARK: 20035/20095.

TIME CONTROL: 20030/19930 on the 120min.TREND CONTROL: 360min Congestion Down.  

TARGET 360min: 20250/20700 TARGET 15 min:*19705/19650*CRITICAL: 20095/20200.

 

CONCLUSION:  PRICE ACTION is Flat on the Hourly and Flat on the Daily, expect to push lower but should be limited, otherwise in a Range.

 

PT ZONES are showing Mixed Signals in the near term so a Range Trading is expected, Support is seen near 19880/19770-700 on the 360min and 20010/20100 must be cracked for further strength, on the Daily Support at 19910/19800 and 20050/20150 must be cracked for further strength, Strong Support on the Weekly at 19750/19650.

 

TREND MAP is indicating Up on the Monthly, Up on the Weekly and Flat on the Daily, if 19770-750 breaks we see lower towards 19650/19535 and Upside may be limited to 20015/20095.

*PREVIOUS CLOSE * in the Selling Zone on 2 levels indicates more weakness but 19855/19750/19650 are Critical for the Bulls and High happened at < RC5 indicates Weakness and Downside may be limited.

 

DASHBOARD is indicating Bears are in Control on the Daily in the near term but 19810/19705 are Critical, if 20050/20095 holds and 19910-880 breaks, we can expect towards 19750/19650/19535 and 19985/20055 breaks then we may see 20095/20165. Price Action are indicating a pullback lower but should be limited to 19650/19535.

 

 CHART PATTERNS are suggesting that the Price Action is suggesting a Range within 19750/20055 until the breakout on the 15min, expect a Choppy session until the breakout, Caution if the 19700 breaks it may even push lower towards 19650/19535/19450/19250.

RSI/ STOCH are suggesting that more Downside on the Hourly, Daily is expected to Flat with a Limited Downside.

 

MA is suggesting that the Bulls are in Control on all time frame except the 15min.

 

PT ANALYSIS Daily Bears are back but Weakness is seen which may lead to a deeper correction towards 19810/19705/19650/19535 and expect a Range trading until 19770/20055 is cracked.

 

TIME CONTROL levels are 20030/19930, if 19985-20030 breaks we can see Upside towards 20095/20165, if 19930-910 breaks we can see 19820/19700/19650/19535 levels.

 

TODAY’S ACTION, We are expecting a Quiet Session in the Asian and Europe Session as it is caught in a Range, unless 19930/20010 breaks before Europe Session then we can expect a big move.  Expect a Quiet Session during US session, pay attention to Ukraine News, if 19985-20035 breaks then we can expect higher towards 20095/20165/20235, if 19910-880 breaks then we may see  lower towards  19820/19700/19650/19535, we are expecting Volatile session if it moves out of Range and the Downside may be Limited.