Oil is trading flat locally. Middle-term trend remains upward
Oil price is being corrected down in the middle-term uptrend. If the key support [53.34 – 52.91] is tested, I recommend considering purchases according to the pattern with a target to update the local high.
In the shorter timeframe, oil is trading flat between the key resistance [56.87 – 56.68] and the strong support [55.48 – 55.27]. The downtrend prevails, so it is still relevant to sell. Sell target is to break through the low of February 26 and to test the lower Target Zone [53.56 – 53.17].
If the market moves according to the alternative scenario and Intermediary Zone is broken out, on the next trading day, we shall start buying oil with a take profit at [59.02 – 58.63].
USCrude trading tips for today:
Sell according to the pattern in Intermediary Zone [56.87 – 56.68]. TakeProfit: 54.75, Target Zone [53.56 – 53.17]. StopLoss: according to the pattern rules.
Gold is trading at the lows. The middle-term trend is downward. Expect a correction to sell at good prices. I indicated the sell targets in the previous analytical review.
Let’s see the short-term chart. It is clear that the short-term downtrend is gradually slowing dodwn. Yesterday, the resistance Additional Zone [1290.5 – 1289.6], where I suggested selling, was tested. The target for the trades is to break through the local low and to test Target Zone 2 [1278.7 – 1275.3].
Taking into account quite a high likelihood of a correction, I recommend moving the short trades to the breakeven; and, if Intermediary Zone [1299.8 – 1298.1] is tested, looking for sells according to the pattern with the same targets.
If the low is renewed, we shall rearrange the resistance zones.
XAUUSD trading tips for today:
- Don’t close short positions in Additional Zone [1290.5 – 1289.6]. TakeProfit: 1284, Target Zone 2 [1278.7 – 1275.3]. StopLoss: at breakeven.
- Sell according to the pattern in Intermediary Zone [1299.8 – 1298.1]. TakeProfit: 1281.4, Target Zone 2 [1278.7 – 1275.3]. StopLoss: According to the pattern rules.
Silver middle-term downtrend is developing, there are yet no signs of a correction. Well, let’s wait.
Major sell target is Target Zone 2 [14.77 – 14.70].
In the shorter timeframe, it is clear that silver price has found a support at Gold Zone [15.13 – 15.09]. To drive the price lower, sellers need to break the zone through and consolidate below at the US session. If so, the next target will be Target Zone 2 [14.77 – 14.70].
Until it occurs, a correction may develop, which will potentially provide good prices to trade in the trend. The strong resistances, where I recommend looking for sells today, are Additional Zone at [15.23 – 15.21] and Intermediary Zone [15.43 – 15.39]. The latter contains the trend border.
XAGUSD trading tips for today:
- Sell according to the pattern in Additional Zone [15.23 – 15.21]. TakeProfit: 15.04. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [15.43 – 15.39]. TakeProfit: 15.04. 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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