Oil price continues declining in the middle-term and short-term downtrends
Oil closed the first sell target, having reached Target Zone 2 [67.25 – 66.91]. The next target is July’s low.
The short-term oil trend is still downward. Yesterday, Additional Zone [67.88 – 67.79] was tested. It was possible to sell in the zone with the first target to renew the low, and the second target - Target Zone [66.46 – 66.11].
If oil traders again draw the price close to Additional Zone that is now in the range of 67.69 – 67.60], I recommend looking for sells again.
The second zone to look for sales in the trend is Intermediary Zone [68.64 – 68.47].
WTI trading tips for today:
- Sell in Additional Zone [67.69 – 67.60]. TakeProfit: 66.78, Target Zone [66.46 – 66.1 StopLoss: 68.06.
- Sell according to the pattern in Intermediary Zone [68.64 – 68.47]. TakeProfit: 66.78, Target Zone [66.46 – 66.11]. StopLoss: according to the pattern rules.
Gold middle-term trend remains unchanged. Positions are being accumulated.
The short-term trend reversed upwards, because Intermediary Zone [1219.7 – 1218.2] was broken out and the trading session closed below. Now, look for sales from the strong resistances with a target in Target Zone [1204.2 – 1201.1].
The first zone to look for sells is Additional Zone [1224.3 – 1223.5]. You can out a limit order there with a stop beyond the zone and take profit at the local low + Target Zone.
The second zone to sell is IZ [1232.8 – 1231.3].
XAUUSD trading tips for today:
- Sell in Additional Zone [1224.3 – 1223.5]. TakeProfit: 1216.1, Target Zone [1204.2 – 1201]. StopLoss: 1227.7.
- Sell according to the pattern in Intermediary Zone [1238 - 1231.3]. TakeProfit: 1216.1, Target Zone [1204.2 – 1201.1]. StopLoss: according to the pattern rules.
Silver is trading in the range. Traders are waiting for a driver before they draw the price up or down.
The short-term trend is upward. Yesterday news release about the Fed’s rate decision didn’t provide the momentum to continue the price rise. Now, the price is again approaching the key support to the trend.
I don’t recommend buying again at the current prices. The last week’s low is likely to be renewed; after that, you can again look for a buy pattern. Until Intermediary Zone [15.26 – 15.22] is broken out, the trend continues.
XAGUSD trading tips for today:
Buy according to the pattern in Intermediary Zone [15.26 – 15.22]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. StopLoss: according to the pattern rules.
IZ - Intermediary Zone: responsible for the price momentum reversing.
TZ - Target Zone: a zone that is 75% likely to be reached after IZ breakout.
GZ - Gold Zone: zone in the medium-term momentum.
All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.
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Real-time price chart of USCrude
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