Metals are still trading up. It is relevant to look for purchases from the strong supports
Oil traders are holding the middle-term resistance zone [53.17 – 52.74]. Until the zone is broken out, it is relevant to look for sales further in the trend. The target is Target Zone 9 [47.71 – 47.29].
In the oil chart of the short-term timeframe, there is a clear breakout of Intermediary Zone [52.32 – 52.11] and consolidation below. The local trend is downward. The major sell target in Target Zone [50.36 – 49.95] has been reached, so I can’t expect the further price fall yet.
If oil price is corrected up towards the resistance at Intermediary Zone [52.36 – 52.14], I recompensed you to look for sales in around the local low first. If the zone is broken out, I suggest buying oil, according to the alternative scenario.
WTI trading tips for today:
Sell according to the pattern in Intermediary Zone [52.36 – 52.14]. TakeProfit: 50.06. StopLoss: according to the pattern rules.
Gold is trading up in the middle-term uptrend today. Look for purchases up to Target Zone 2 [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 [1210.3 – 1206.9].
The local high has been updated in the short-term uptrend. The first buy target in Additional Zone has been closed. The second target is Gold Zone [1249.0 – 1247.3].
For today, I suggest looking for new gold purchases in the strong support zones. Additional Zone is now in the price zone of [1335.8 – 1335.0], and Intermediary Zone is at [1227.3 – 1225.6].
Bear in mind that the important news can affect the local trend, so I strongly suggest you be very careful and follow money management rules.
XAUUSD trading tips for today:
Buy according to the pattern in Additional Zone [1335.8 – 1335.0]. TakeProfit: 1244.1, Gold Zone [1249.0 – 1247.3]. StopLoss: according to the pattern rules.
Buy according to the pattern in Intermediary Zone [1227.3 – 1225.6]. TakeProfit: 1244.1, Gold Zone [1224.9 – 1223.2]. StopLoss: according to the pattern rules.
Silver is hardly moving under the resistance at [14.68 – 14.61]. The news background might give a clue for further direction of middle-term trading. There are yet no signal. Expect.
The local silver trend is upward. Now, the instrument price is being corrected.
Additional Zone [14.48 – 14.46] was broken out yesterday. There was also an attempt to reach Intermediary Zone [14.30 – 14.26]. The key support hasn’t been reached and the price has rolled back to the broken out zone.
On Friday, I don’t recommend to look for trades in the correction of the silver price. It is relevant to wait until the key support is tested and then look for a buy pattern. Or, you can find out a strong buy momentum in the chart and open a position in the correction according to the pattern (see screenshot).
Buy targets are the local high and Target Zone [14.84 – 14.77].
XAGUSD trading tips for today:
- If the price breaks out Additional Zone [14.54 – 14.52] and consolidates above– buy according to the pattern. 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.
Did you like my post? Share it on the social networks; it would be the best thanks :)
Write your questions and comments below. I will be pleased to answer and explain.
I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders http://t.me/liteforex
Price chart of XAUUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.