Oil short-term trend reversed upwards. I suggest looking for purchases up to Target Zone [69.18 – 68.87]
Oil price is being corrected in the middle-term downtrend. Currently, the price is testing the strong support at [67.49 – 67.18]; however, the best sell prices are in Target Zone [69.18 – 68.87].
Let’s study the situation in the short-term timeframe.
Traders broke out and consolidated above Intermediary Zone [67.47 – 67.32] on Friday. The local trend reversed upwards.
For today, I recommend looking for purchases both in the broken out IZ, and in the new, correctional one, at [66.44 – 66.28]. Buy target will be the local high and Target Zone [69.18 – 68.87].
WTI trading tips for today:
- Buy according to the pattern in Intermediary Zone [67.47 – 67.32]. TakeProfit: 67.95, Target Zone [69.18 – 68.87]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [66.44 – 66.28]. TakeProfit: 67.95, Target Zone [69.18 – 68.87]. StopLoss: according to the pattern rules.
Last Friday, gold traders marked another high, where from we can arrange the key support zone to the middle-term uptrend. It is in the range of [1209.4 – 1206.0]. The strong support is also the broken out TZ 2 [1228.6 – 1225.2]. I suggest looking for buys from these two margin zones. A part of profits can be taken at 1243.1, the major target is TZ 3 [1262.6 – 1259.2].
The short-term trend is also upwards. However, buyers haven’t broken out Gold Zone [1233.0 – 1231.3] or consolidated above.
Therefore, you’d better look for a reversal pattern to buy in Gold Zone [1233.0 – 1231.3]. If there is a buy signal, the first target will be the local high, and the second one is in the zone of [1251.7 – 1248.3].
Alternative scenario: sell gold down to TZ [1209.4 – 1206.0]. It will be relevant if the key support is broken out and the price is consolidated below at the U.S. session.
XAUUSD trading tips for today:
Buy according to the pattern in Intermediary Zone [1226.4 – 1224.7]. TakeProfit: 1243.3, Target Zone 2 [1251.7 – 1248.3]. StopLoss: according to the pattern rules.
Sliver is still trading down in the middle-term. Selling will be available if there is a pattern/signal.
Trading idea to buy at Fibonacci 50% hasn’t worked out. I don’t recommend entering at this level again.
The short-term trend is upward as long as the key support at [14.48 – 14.44] is held. To enter longs, we need a new pattern/ signal. Until it appears, I suggest expecting.
XAGUSD trading tips for today:
Don’t enter any trades, expect a new buy signal in Intermediary Zone [14.48 – 14.44].
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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