Main target for gold local uptrend is November high. Further growth will depend on the way traders treat Target Zone.
Oil price has broken out the key key resistance of the trend at [52.98 – 52.57]. It hasn’t yet consolidated above.
If two US sessions close above level 52.98, we shall start buying in the middle-term.
The short-term trend is upward. Buy target in Intermediary Zone [50.36 – 50.15] has been reached. Currently the price is trading above Target Zone [52.98 – 52.57]. Until the zone is broken out, it is too early to expect the further price growth.
If the price is being corrected, the strong supports will be Additional Zone [52.71 – 52.61] and Intermediary Zone [51.67 – 51.48]. I recommend looking purchases in the zones with the target to renew the local high.
WTI trading tips for today:
- Buy according to the pattern in Additional Zone [52.71 – 52.61]. TakeProfit: 53.69. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [51.67 – 51.48]. TakeProfit: 53.69. StopLoss: according to the pattern rules.
Gold price is rising and is approaching the resistance Target Zone [1233.7 – 1230.3]. I suggest looking for middle-term sales in the zone.
If the zone is broken out, we shall look for purchases up to Target Zone 2 [1267.7 – 1264.3].
In the gold local trend, there is still an unenclosed target, the high of Nov. 21. Last week, I recommended buying gold in Additional Zone [1220.5 – 1219.6]. For today, I suggest holding on the purchases up to the target.
It will be relevant to sell the instrument after Intermediary Zone [1213.0 – 1211.3] is broken out and the US session closes below. In this case the target will be the lower Target Zone [1196.0 – 1192.6].
XAUUSD trading tips for today:
Don’t close purchases in Additional Zone [1220.5 – 1219.6]. TakeProfit: Target Zone [1233.7 – 1230.3]. StopLoss: 1216.3.
Silver price is growing and is again approaching the key resistance of the downtrend at [14.68 – 14.61]. Until the zone is broken out, look for middle-term sell positions.
The low November 27 was broken through on Friday. After that, a correction started and silver price is currently approaching Intermediary Zone [14.44 – 14.41]. After the zone is reached, I recommend looking for sales according to the pattern with the target tp renew the local low.
If Intermediary Zone is broken out and the US session closes above the zone, the local trend will reverse upwards. In this case, we shall look for silver purchases up to the upper TZ [14.84 – 14.77].
XAGUSD trading tips for today:
Sell according to the pattern in Intermediary Zone [14.44 – 14.41]. TakeProfit: 14.05, Target Zone [13.83 – 13.76]. 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.
Did you like my post? Share it on the social networks; it would be the best thanks :)
Write your questions and comments below. I will be pleased to answer and explain.
I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders http://t.me/liteforex
Price chart of XAUUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.