Oil trends clash
Oil sellers are holding the middle-term resistance zone [53.17 – 52.74]. Until the zone is broken out, it will be relevant to look for new sells in the trend.
The short-term oil trend is upward. The pattern to buy in Intermediary Zone [52.32 – 52.11] has worked out, the level of the previous high has been tested.
Continue looking for purchases according to the pattern in shorter timeframes. The target will be renewing of the yesterday’s high.
Alternative scenario is selling WTI down to the lower Target Zone [50.36 – 49.95]. It will be relevant if level 52.11 is broken out and the U.S. session closes below.
WTI trading tips for today:
Buy according to the pattern in Intermediary Zone [52.32 – 52.11]. TakeProfit: 54.27. StopLoss: according to the pattern rules.
Gold middle-term trend reversed upwards. Now, it is relevant to look for purchases up to Target Zone [1267.7 – 1264.3]. I recommend looking for long trades either in the broken out TZ, or in the key support to the new trend [1207.9 – 1204.5].
Yesterday, Additional Zone [1233.4 – 1232.6] was tested, it is the key support to the uptrend. The growth targets are the high at 1241.6 and Gold Zone [1249.0 – 1247.3]. Those, who entered a buy trade, I recommend to move the trades to breakeven.
The second zone to look for new purchases is the key support Intermediary Zone [1220.8 – 1219.1]. If AZ is broken out, traders are likely to test IZ. After the zone is tested, I recommend looking for long trades according to the pattern. The upward targets will be the same.
XAUUSD trading tips for today:
- Don’t exit purchases in Additional Zone [1233.4 – 1232.6]. TakeProfit: 1246, Gold Zone [1249.0 – 1247.3]. StopLoss: at breakeven
- Buy according to the pattern in Intermediary Zone [1220.8 – 1219.1]. TakeProfit: 1241.6, Gold Zone [1224.9 – 1223.2]. StopLoss: according to the pattern rules.
Silver price is rolling back from the resistance at [14.68 – 14.61]. There are no middle-term signals either to buy or to sell.
Let’s analyze the short-term timeframe for silver.
There is a short-term uptrend. Yesterday, silver price was trading in Additional Zone [14.48 – 14.46], but there wasn’t formed a buy pattern.
Now, the zone is being broken out. If sellers consolidate below yesterday’s low, there will be an opportunity to trade in the correction down to Intermediary Zone [14.30 – 14.26].
If Intermediary Zone is reached, we shall again look for buys further in the trend with the target to break through the high of December 4 and test Target Zone [14.84 – 14.77].
XAGUSD trading tips for today:
- Buy according to the pattern in Additional Zone [14.48 – 14.46]. TakeProfit: 14.65, Target Zone [14.84 – 14.77]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [14.30 – 14.26]. TakeProfit: 14.65, Target Zone [14.84 – 14.77]. 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 USCrude in real time mode
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