Traders have been accumulating metal positions since last week. The finish is close
Oil price broke out the middle-term support Target Zone 3 [65.39 – 65.14], but it hasn’t been consolidated below. If the US session closes below the zone today, TZ 4 is likely to be reached, it is bordered by the levels of [62.84 – 62.59].
In the shorter timeframe we see that Target Zone [66.07 – 65.81] was broken out and Gold Zone [64.79 – 64.67] was reached. The trend is downward, so any price moves up, including the resistance at [65.93 – 65.81], should be treated as a correction.
I recommend selling the instrument according to the pattern either from Additional Zone [65.23 – 65.17] or from IZ. The target is renewal of the local low.
We won’t consider buying until the US session closes above level 65.93.
Today's trading tips for WTI:
- Sell according to the pattern in Additional Zone [65.23 – 65.17]. TakeProfit: 64.60, Target Zone 2 [63.52 – 63.26]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [65.93 – 65.81]. TakeProfit: 64.60, Target Zone 2 [63.52 – 63.26]. StopLoss: according to the pattern rules.
Buyers are holding up the key support to the short-term uptrend at [1292.3 – 1290.7]. As long as the zone is held, we, of course, are looking for purchases aiming at reaching Target Zone [1316.2 – 1313.1].
For now, I yet see no reversal patterns in the price chart to buy the metal.
Until the US session consolidates the price below Intermediary Zone, it is too early to sell. So, I recommend waiting and being prepared to primarily buy.
Today's trading tips for XAUUSD:
Buy according to the pattern in Intermediary Zone [1292.3 – 1290.7]. TakeProfit: Target Zone [1316.2 – 1313.1]. StopLoss: according to the pattern rules.
Silver trend is still unclear in the long timeframe. It is better to trade and look for the entry points, based on the short-term trend.
The local trend remains upward. Traders have been testing the key support at [16.30 – 16.27] since last week, failing to break it through. Based on this, I recommend holding on purchases up to Target Zone [16.93 – 16.85].
In the opposite case, we’ll get StopLoss for longs, wait until IZ is broken out, and will start selling the next trading day. Sell target will be the lower TZ [15.94 – 15.87].
Today's trading tips for XAGUSD:
Don’t close buys/ buy in Intermediary Zone [16.30 – 16.27]. TakeProfit: Target Zone [16.93 – 16.85]. StopLoss: 16.25.
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.
SZ - Stop Zone: point of Stop Loss setting, selected statistically.
All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.
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