Gold price moves back from the key support to the middle-term uptrend
The strong middle-term resistance TZ 3 [73.86 – 73.55] was broken out yesterday. To consolidate the price above, the U.S. session should prove the breakout and close there. If so, the next upward target will be TZ 4 [76.96 – 76.65].
Oil price tested Additional Zone [72.86 – 72.78] in the local trend yesterday; next, oil quotes went up and reached Target Zone 2 [74.30 – 73.99] and Gold Zone 2 [75.70 – 75.54].
I suggest expecting a correction after such a rise to look for new buys. The strong support zones are the new AZ and IZ. The latter is the key support bordered by the levels of [74.11 – 73.96]. Expect the zone test and look for patterns.
WTI trading tips for today:
- Buy according to the pattern in Additional Zone [74.89 – 74.81]. TakeProfit: Gold Zone 2 [75.70 – 75.54]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [74.11 – 73.96]. TakeProfit: Gold Zone 2 [75.70 – 75.54]. StopLoss: according to the pattern rules.
Gold traders tested the strong support at [1183.3 – 1180.2], it was held. The middle-term gold trend is upward, and so, I suggest looking for new buys according to the pattern or holding up the opened ones during this week.
Gold is trading down in the short term; however XAUUSD price is being corrected and goes gradually up. The key resistance is at [1197.7 – 1196.2]. After the zone is reached by the price, I recommend closing all the purchases, opened in the correction, and looking for sell patterns.
You could open purchases in the correction in Additional Zone [1185.9 – 1185.2] yesterday. The first target is September 28 high, the second one is Intermediary Zone. I suggest you move the trades to the breakeven.
XAUUSD trading tips for today:
Hold on purchases in Additional Zone [1185.9 – 1185.2]. TakeProfit: 1193.6, Intermediary Zone [1197.7- 1196.2]. StopLoss: at breakeven.
Sell according to the pattern in Intermediary Zone [1197.7- 1196.2]. TakeProfit: Target Zone [1181.7 – 1178.6]. StopLoss: according to the pattern rules.
Silver buyers have tested Target Zone [14.68 – 14.61]. It is the key resistance of the middle-term downtrend. I suggest waiting and following the further situation. If there is a sell pattern, I recommend selling with the target to break through September low.
Silver short-term trend is upward. Yesterday, silver price was corrected to the key support and went up next.
For today, I suggest looking for buys according to the pattern with the target to break though the local high + Gold Zone [15.01 – 14.97].
If the high is broken through, the support zones must be rearranged.
XAGUSD trading tips for today:
Buy according to the pattern in Intermediary Zone [14.35 – 14.31]. TakeProfit: 14.70, Gold Zone [15.01 – 14.97]. 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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Price chart of XAUUSD in real time mode
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