It is relevant to buy metals in the local up-trends
In the longer timeframe, oil price has retested the broken out zone of TZ 4 [64.39 – 64.08] and is down at the levels of the week’s start. The middle-term trend is downward, but I suggest buying after there is a corresponding reversal pattern.
The local trend is downward. The major sell target is Target Zone 2 [61.79 – 61.48]; the sellers have already achieved the first target – Monday’s low has been reached.
The oil price went down from the key resistance [64.22 – 64.07], therefore, if the price returns up in the zone and breaks it out, the local trend will reverse upwards, and we shall look for purchases up to the upper Target Zone [65.93 – 65.62].
If the oil price breaks through the yesterday's low, the resistance zones must be rearranged.
WTI trading tips for today:
Don’t close a part of sell positions in Intermediary Zone [64.22 – 64.07]. TakeProfit: Target Zone 2 [61.79 – 61.48]. StopLoss: at breakeven.
Gold price has been up again above the broken out resistance Target Zone 2 [1228.6 – 1225.2]. It is relevant to look for middle-term buy positions with a target in Target Zone 3 [1262.6 – 1259.2].
The local gold trend is upward; it is indicated by the broken out margin zone [1230.7 – 1229.0]. The buy target has been Target Zone [1249.4 – 1246.0] since last week. For today, I suggest holding on the opened purchases with a stop loss at 1223.6, or enter new ones at 1230.7.
The second zone to look for purchases is the key support [1220.4 – 1218.7].
There are no reasons to sell, so I will consider an alternative scenario when the traders reverse the local trend downwards.
XAUUSD trading tips for today:
- Buy/don’t exit purchases in Intermediary Zone [1230.7 – 1229.0]. TakeProfit: 1237.1, Target Zone [1249.4 – 1246.0]. StopLoss: 1223.6.
- Buy according to the pattern in Intermediary Zone [1220.4 – 1218.7]. TakeProfit: 1237.1, Target Zone [1249.4 – 1246.0]. StopLoss: according to the pattern rules.
I don’t yet see any signals to buy or sell.
The local short-term silver trend is upward. Yesterday, the silver price broke through Additional Zone [14.73 – 14.71] in the correctional momentum, but it didn’t reach the key support.
Today, in case the zone of [14.55 – 14.52] is tested, I recommend you to focus on looking for a buy signal with a target to break through Friday’s high and reach Target Zone [15.02 – 14.95].
If Intermediary Zone is broken out from above with consolidation below, the trend will reverse downwards, and the target will be the lower TZ [14.19 – 14.12].
XAGUSD trading tips for today:
Buy according to the pattern in the zone of [14.63 – 14.52]. TakeProfit: 14.91, Target Zone [15.02 – 14.95]. 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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