Oil traders held the middle-term support. Gold is again trading in the zone of good buy prices
For oil, the key support to the middle-term uptrend was held: sellers couldn’t consolidate below 67.74. Therefore, I suggest you go on looking for buy positions with the target to renew last week’s high and draw the price up to Target Zone 3 [73.86 – 73.55].
The local trend is still downward. Last Friday, oil price broke through the local low after Additional Zone [67.66 – 67.58] test, but sellers couldn’t drive the price down Gold Zone [66.50 – 66.34].
Before the trading session closed, the WTI quotes had been corrected towards Intermediary Zone [68.42 – 68.27]. The zone has been reached at the Asian session today, but there hasn't yet emerged a sell pattern.
For now, I suggest two trading scenarios: sell according to the pattern in IZ with a target in Gold Zone [66.50 – 66.34], or buy oil in the correction in AZ [67.51 – 67.43] with the target at today’s high.
WTI trading tips for today:
- Sell according to the pattern in Intermediary Zone [68.42 – 68.27]. TakeProfit: 66.75, Gold Zone [66.50 – 66.34]. StopLoss: according to the pattern rules.
- Aggressive: buy in Additional Zone [67.51 – 67.43]. TakeProfit: Intermediary Zone [68.42 – 68.27]. StopLoss: 67.10.
Gold traders start the week wit accumulating positions. Gold price is now trading in the zine of good buy prices [1194.3 – 1180.2]. As the middle-term is upward, I would recommend looking for a buy pattern and buying with a target in TZ 2 [1225.3 – 1222.2].
The local momentum is downward. After Intermediary Zone [1206.7 – 1205.1], the key resistance, test, sellers responded accordingly. Finally, a sell pattern 1-2-3 emerged.
For today, I wouldn’t recommend hopping into a leaving train. I suggest waiting for a new trading opportunity to sell at the best prices.
Alternative scenario to buy: the key resistance break out and closing the price above at the U.S. session.
XAUUSD trading tips for today:
Silver price is moving towards Target Zone 5 [13.67 – 13.59] in the middle-term trend. It is suggested by the margin zones approach.
The key resistance to the trend where there are the best sell prices is in the range of [14.75 – 14.68]. I recommend expecting the zone test and looking for sells.
The local trend is downward. Silver traders were testing Additional Zone [14.16 – 14.14], the strong resistance, last week. They couldn’t break out the zone, so, I suggest looking for sells according to the pattern.
The pattern will emerge if the local low is broken through and the price is consolidated below. After that, expect a correction and sell with the first target at the last week's low and the second one in Gold Zone [13.87 – 13.83].
If XAGUSD is being corrected deeper, towards Intermediary Zone [14.35 – 14.32], we shall look for sells according to the same rules and with the same targets.
XAGUSD trading tips for today:
- Sell according to the pattern in Additional Zone [14.16 – 14.14]. TakeProfit: 13.97, Gold Zone [13.87 – 13.83]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [14.35 – 14.32]. TakeProfit: 13.97, Gold Zone [13.87 – 13.83]. 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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