The reports on the U.S. employment are expected today. The news can strongly affect gold and silver rates
Oil middle-term downtrend develops. There is a false breakout pattern in the oil price chart. It suggests middle-term sell positions with the target to renew July’s low and reach Target Zone 3 [63.89 – 63.54].
The local trend is still downward. The key resistance [68.21 – 68.03] to the trend was tested yesterday. The zone was held, therefore, look for sells according to the pattern today. Remember, that important news on U.S. employment is published today.
If Intermediary Zone is broken out with consolidation, the trend will reverse upwards and we will buy oil with a target in Target Zone [70.10 – 69.76] next week.
WTI trading tips for today:
Sell according to the pattern in Intermediary Zone [68.21 – 68.03]. TakeProfit: Target Zone [66.46 – 66.11]. StopLoss: according to the pattern rules.
Yesterday, the middle-term downtrend extended and Target Zone 5 [1210.2 – 1207.1] was retested. This zone is the strong support. I recommend closing all sell positions in the zone and be prepared for a possible price correction. The key resistance to the trend is now in the zone of [1239.5 – 1236.4].
In the shorter timeframe, the local downtrend develops. Sell target is Target Zone [1204.2 – 1201.1]. If traders break the zone out, gold price is likely to continues falling down and the target will be Gold Zone [1188.7 – 1187.2].
When TZ is reached, I recommend closing all sales and follow the situation. There important news about the USA is released today, so, I don’t recommend trading XAUUSD.
XAUUSD trading tips for today:
Don’t open any new positions; don’t close sales, opened in [1204.2 – 1201.1].
Silver is trading down in the middle-term. The quotes are going down now, the possible target is Target Zone 3 [15.11 – 15.03] test. The resistance is in the zone of [15.92 – 15.85], there are good sell prices.
The short-term trend is upward. Although silver prices were falling down during the week, the keyy support to the trend hasn’t been broken out. It is bordered by the levels of [15.26 – 15.22]. As long as buyers hold the zone up, I recommend looking for buys according to the pattern targeting to renew the high of July 26 and reach Target Zone [15.92 – 15.85].
Remember that important news is released in the USA today. So, the volatility may increase and the margin zones may not work out today. Therefore, I recommended trading a smaller volume. If IZ is broken out with consolidation below, we will sell silver down to TZ [14.90 – 14.82] next week.
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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Price chart of XAUUSD in real time mode
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