Gold price is still being corrected in the middle-term uptrend
Oil price is rising in the middle-term uptrend. Buy target is Target Zone 2 [70.76 – 70.45]. The key support is at [67.18 – 66.87].
The short-term trend is still upward.
AT the end of last week and yesterday, on Monday, oil traders were testing Additional Zone [69.50 – 69.43], the strong support to the trend. The zone was held, so it is still relevant to by there. I recommend you expect a pattern and buy after it emerges. It will appear if level 70.05 is broken out with consolidation above.
Otherwise, oil price will be corrected down towards the key support at [68.73 – 68.57]. After the zone is reached, I also recommend looking for buys according to the pattern. The target will be Target Zone 2 [70.76 – 70.45].
WTI trading tips for today:
- Buy according to the pattern in Additional Zone [69.50 – 69.43]. TakeProfit: 70.27, Target Zone 2 [70.76 – 70.45]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [68.73 – 68.57]. TakeProfit: 70.27, Target Zone 2 [70.76 – 70.45]. StopLoss: according to the pattern rules.
Gold price is still being corrected. The trend is upward. Good buy price, according to the middle-term trading, are in the range of [1194.3 – 1180.2].
Let’s study the situation in more detail in the shorter timeframe.
The key support [1198.8 – 1197.3] at has been tested for a few days there. The price hasn’t been closed below the zone, so the uptrend remains.
We need a pattern to buy. I don’t yet see a pattern, so, I recommend you to monitor the situation. If IZ is broken out, we shall start selling gold down to the lower Target Zone [1183.3 – 1180.2].
XAUUSD trading tips for today:
Buy according to the pattern in Intermediary Zone [1198.8 – 1197.3]. TakeProfit: 1214.0, Target Zone 2 [1225.3 – 1222.2]. StopLoss: according to the pattern rules.
Silver price is still trading in the zone of local lows in the shorter timeframe. I recommend looking for new sells if the Target Zone 4 [14.39 – 14.31] is broken out with consolidation below. If the zone is held and there is a reversal buy pattern, you can trade in they correction up to the upper TZ [15.08 – 15.00].
The short-term trend is downward. Sell target is Target Zone [14.23 – 14.16].
I recommend looking for sells either in Additional Zone [14.54 – 14.52], or in Intermediary Zone [14.74 – 14.70]. A part of profits can be fixed at the local low.
The trend will reverse upwards if silver price breaks out level 14.74 and consolidates above. If so, I suggest looking for purchases up to the upper TZ [15.14 – 15.06].
XAGUSD trading tips for today:
- Sell according to the pattern in Additional Zone [14.54 – 14.52]. TakeProfit: 14.35, Target Zone [14.23 – 14.16]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [14.74 – 14.70]. TakeProfit: 14.35, Target Zone [14.23 – 14.16]. 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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