Oil price is testing the border of the short-term downtrend
Oil continues trading down in the middle-term. Sell target is this week’s low and Target Zone 4 [62.84 – 62.59].
Despite a try to break out Intermediary Zone [65.57 – 65.44], the short-term trend remains downward. If there is a clear sell pattern, I recommend going short, aiming to renew yesterday’s low and reach Target Zone 2 [63.52 – 63.26].
Alternative scenario: Buying WTI up to the upper Target Zone [66.97 – 66.72]. It will be relevant if there the key resistance breakout and consolidation above.
Today's trading tips for WTI:
Sell according to the pattern in Intermediary Zone [65.57 – 65.44]. TakeProfit: 64.25, Target Zone 2 [63.52 – 63.26]. StopLoss: according to the pattern rules.
Gold continues falling in price in the middle-term downtrend. The decreasing target is Target Zone 3 [1272.2 – 1269.1]. The key resistance is at 1316.2 – 1313.1].
The short-term trend is upward. The try to break out the key support failed. Currently, there is a complete buy pattern, we can use to hold on the purchases up to the upper Target Zone [1316.2 – 1313.1].
Selling gold will be relevant when the traders break through the key support and close the price below. After that, we shall sell XAUUSD targeting the lower short-term support at [1276.8 – 1273.7].
Today's trading tips for XAUUSD:
Don’t close buys/ buy 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 short-term trend is upward. Despite numerous tries to break out the key support, it was held.
For today, I recommend hold on the purchases and more ones targeting Target Zone [16.93 – 16.85].
Alternative scenario: Intermediary Zone breakout and consolidation below will reverse the trend downwards. In this case can look for sells down to 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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