Today the FOMC statement and the Fed interested rate decision will be published. Increased volatility is possible during the day. Mange your risks
Oil is trading close to the middle-term support Target Zone 5 [61.29 – 60.98]. Sellers need to break the zone out and consolidate below to draw the price lower.
In the short-term trend it is clear that yesterday the key resistance zone worked out yesterday. The local low was renewed, but Target Zone 5 [61.29 – 60.98] was held.
To look for new sells down to Gold Zone 2 [60.24 – 60.08] it would be good if the US session closes below 61.48 today. Otherwise, the correction may develop and traders may retest Intermediary Zone, being currently in the range of [62.89 – 62.74].
WTI trading tips for today:
Sell according to the pattern in Intermediary Zone [62.89 – 62.74]. TakeProfit: Target Zone 2 [61.79 – 61.48]. StopLoss: according to the pattern rules.
Gold traders are accumulating positions. The middle-term trend is upward. The target is Target Zone 3 [1262.6 – 1259.2].
Let’s analyze the short-term chart. The lcoal trend is also upwards. Currently, gold price is trading in the zone of good buy prices that is between the broken out IZ and the new correctional one.
To buy, we need a patterns or any other signal of technical analysis. Expect its emerging and enter long trades with the first target to renew November’s high.
Selling will relevant when the short-term trend reverses upwards; it will occur if level 1218.7 is broken out at the US trading session.
XAUUSD trading tips for today:
- Buy according to the pattern in Intermediary Zone [1230.7 – 1229.0]. TakeProfit: 1237.1, Target Zone [1249.4 – 1246.0]. StopLoss: according to the pattern rules.
- 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.
Silver is still trading in the middle-term flat.
Let’s analyze the short-term time-frame to see the daily and the weekly silver market state.
The short-term trend is upward. The target is Target Zone [15.02 – 14.95]. On November 6, 7 and also today, there is clear test of the key support Intermediary Zone [14.55 – 14.52]. Inside the zone, there are the best buy prices, so, I recommend you to focus on looking for a corresponding signal.
If IZ is broken out with consolidation below, the previous scenario will be canceled and we shall look for sales down to the lower Target Zone [14.19 – 14.12].
XAGUSD trading tips for today:
Buy according to the pattern in Intermediary Zone [14.55 – 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 USCrude in real time mode
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