For oil, the main buy pattern worked out. Close the positions at the end of the week
Oil middle-term trend is downward. Look for sales wit ha target in Target Zone 3 [63.80 – 63.46].
The short-term trend is also downward. Yesterday, I recommended selling in Additional Zone [66.76 - 66.67]. Hold on the sales with the first target to renew Wednesday’s low. The second target is Target Zone [65.70 – 65.36].
Sell positions is AZ can be moved to the breakeven. If a correction starts from the current prices, remember that the key resistance is in the range of Target Zone [65.70 – 65.36]. The trend border is in the zone.
WTI trading tips for today:
- Don’t close sell positions in Additional Zone [66.76 - 66.67]. TakeProfit: 65.84, Target Zone [65.70 – 65.36]. StopLoss: at breakeven.
- Sell according to the pattern in Intermediary Zone [67.71 – 67.53]. TakeProfit: 65.84, Target Zone [65.70 – 65.36]. StopLoss: according to the pattern rules.
At the end of the week, gold traders are testing the strong support Target Zone 5 [1210.2 – 1207.1]. It makes no sense to sell at the current prices, so, expect a correction.
Let’s analyze additional zones.
It is clear that the situation hasn’t much changed since yesterday. Gold price is forming the local flat, where the top and the bottom borders can be identified. If the price exits the flat upwards, I recommend following the traders’ response to the key resistance [1221.6 – 1220.0].
To sell, we need a pattern in IZ; to buy, we need IZ breakout and consolidation above.
XAUUSD trading tips for today:
Sell according to the pattern in Intermediary Zone [1221.6 – 1220.0]. TakeProfit: Target Zone [1204.2 – 1201.1]. StopLoss: according to the pattern rules.
Silver traders continue accumulating positions. The key resistance is in the range of [15.92 – 15.85].
Let’s analyze the short-term trend. It is upward now, because Intermediary Zone [15.26 – 15.22] hasn’t been broken through with the consolidation below.
Therefore, I recommend buying XAGUSD with the target to renew the high of July 26 and reach Target Zone [15.92 – 15.85].
If Silver prices go down and the U.S. session closes below level 15.26, then we shall start selling XAGUSD down to the lower Target Zone [14.90 – 14.82].
XAGUSD trading tips for today:
Hold on purchases in Intermediary Zone [15.26 – 15.22]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. StopLoss: 15.23.
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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