Oil reached next target in the uptrend. It is Target Zone 4 [76.96 – 76.65].
Now, I suggest closing all purchases and be ready for the correction development. If oil price reaches the key support at [73.69 – 73.38], it will be again relevant to look for trades in the trend.
As for the short-term oil trend, traders tested [74.25 – 74.09], which resulted in the strong upward momentum. Finally, Gold Zone 2 [75.70 – 75.54] was broken out with consolidation above.
Now, the target is Target Zone 3 [77.40 – 77.09]. Look for buys according to the pattern in Additional Zone [76.01 – 75.94] and in Intermediary Zone [75.24 – 75.08].
WTI trading tips for today:
- Buy according to the pattern in Additional Zone [76.01 – 75.94]. TakeProfit: 76.76, Target Zone 3 [77.40 – 77.09]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [75.24 – 75.08]. TakeProfit: 76.76, Target Zone 3 [77.40 – 77.09]. StopLoss: according to the pattern rules.
Gold price is being corrected after the rise in the middle-term upward momentum. For those, who haven’t yet opened any position purchases, there is a good opportunity to buy XAUUSD on 50% correction.
Gold price is trading up locally, but it is being corrected now.
The local support Additional Zone [1200.5 – 1199.8] was broken out yesterday, and so, Intermediary Zone [1192.8 – 1191.2] is likely to be tested.
I recommend looking for gold buy positions first of all. You can open purchases when there is the corresponding pattern in the price range of 1200.5 – 1191.2. Nevertheless, there is an opportunity to sell aggressively in Additional Zone [1204.5 – 1203.7] if the price starts rising up from current levels.
XAUUSD trading tips for today:
- Aggressive: sell in Additional Zone [1204.5 – 1203.7]. TakeProfit: 1196.3, Intermediary Zone [1192.8 – 1192]. StopLoss: 1207.9.
- Buy according to the pattern in the zone of [1200.5 – 1191.2]. TakeProfit: 1208.2, Target Zone [1214.8 – 1211.7]. StopLoss: according to the pattern rules.
Silver traders still can’t consolidate the price above the key resistance [14.68 – 14.61]in the middle-term downtrend. Continue looking for sales.
Silver is trading up in the short-term. Silver quotes are bow approaching the key support. After the zone is tested, I suggest following the response of big traders.
If there is a buy pattern, I recommend buying with the target to break through the local high and reach Gold Zone [15.01 – 14.97].
If silver price breaks through 14.51 and the U.S. session closes below, the trend will reverse downwards, and we shall look for sales down to Target Zone [14.19 – 14.11] tomorrow.
XAGUSD trading tips for today:
Buy according to the pattern in Intermediary Zone [14.55 – 14.51]. TakeProfit: 14.90, 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.
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 USCrude 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.