Oil price is rising in the uptrend. The nearest upward target is last week’s high. If buyers consolidate above 74.05, the next target will be Target Zone 5 [77.01 – 76.72].
Yesterday, the price was trading above Intermediary Zone [72.29 – 72.14], and the US session confirmed the key resistance breakout. Therefore, the local trend reversed upwards and now the buy target is Target Zone [73.91 – 73.61].
Today, I recommend looking for buys during the correction. Look for the patterns in Additional Zone [72.36 – 72.29] or in IZ [71.62 – 71.47].
Today's trading tips for WTI:
- Buy according to the pattern in Additional Zone [72.36 – 72.29]. TakeProfit: Target Zone [73.91 – 73.61]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [729 – 72.14]. TakeProfit: Target Zone [73.91 – 73.61]. StopLoss: according to the pattern rules.
Gold price is being corrected to the middle-term downtrend. The correction possible target is the test of the key resistance Target Zone [1272.0 – 1269.0]. After the resistance is reached, we will analyze the response and, first of all, look for sells.
The local short-term trend is upward. Buy target in the shorter timeframe is Target Zone [1272.0 – 1269.0].
Now the quotes are trading in the zones of good buy prices, so, I recommend to those, who hasn’t entered yet, look for the trading signal and buy the instrument.
The second zone to look for long trades is Intermediary Zone [1250.4 – 1248.9]. If traders drive the price down to these levels, we will look for a pattern.
Today's trading tips for XAUUSD:
- Buy according to the pattern in Additional Zone [1258.2 – 1257.4]. TakeProfit: Target Zone [1272.0 – 1269.0]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [1250.4 – 1248.9]. Target Zone [1270 – 1269.0]. StopLoss: according to the pattern rules.
Silver middle-term downtrend develops. Currently, the price is trading above the middle-term support [15.82 – 15.75], which can start the correction. If the price reaches the key resistance TZ [16.51 – 16.44], we will look for sells.
We see in the shorter timeframe chart that traders retested Intermediary Zone [16.12 – 16.08]. They couldn’t close the price above the zone, so we are still looking for sells today. However, it will be relevant, provided there is a corresponding pattern.
If there is no sell signal, and the zone is broken out with consolidation, we will follow the alternative scenario tomorrow: buying the instrument with the target in the upper Target Zone [16.51 – 16.44].
Today's trading tips for XAGUSD:
Sell according to the pattern in Intermediary Zone [16.12 – 16.08]. TakeProfit: Target Zone 2 [15.82 – 15.75]. 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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