The US session closed WTI below Target Zone [68.05 – 67.74] on Monday, thus suggesting some reasons for the middle-term reversal downwards. If the US session again closes oil below 67.74 we shall look for sell positions tomorrow. Until then, it is relevant to buy according to the pattern.
Oil is trading down locally, as the key resistance hasn’t been broken out.
Intermediary Zone [68.42 – 68.27] was tested yesterday; it was fallowed by oil price drop towards 67.50. However, I don’t yet see a sell pattern.
Now, oil is trading in Additional Zone [67.59 – 67.52], drawn from the yesterday’s high. I think, the market provides good prices to buy oil in the correction with the target to renew the local high. The trade will be aggressive.
Expect a pattern to sell.
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 [67.59 – 67.52]. TakeProfit: Intermediary Zone [68.42 – 68.27], Target Zone [70.13 – 69.82]. StopLoss: 67.17.
Gold middle-term trend remains the same. Look for buy positions.
The local momentum is downward. Sell target is Target Zone [1188.3 – 1180.2]. I recommend expect a new pattern to sell, rather than trade the one, formed in IZ on Friday-Monday.
It will be relevant to buy gold if the local trend reverses upwards. It will occur if the US session closes above Intermediary Zone [1206.7 – 1205.1]. If so, I suggest buying with the target in the upper TZ [1223.7 – 1220.6].
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.
Let’s look at the shorter timeframe and analyze the local trend.
The trend for day trading is downward. Sellers are still holding Additional Zone [14.16 – 14.14], but there hasn’t been a sell signal. It will emerge if there is a confirmed pattern of technical analysis (see the screenshot).
If the AZ is broken out from below and the silver price go up to Intermediary Zone [14.35 – 14.32], we shall still look for sells according to the pattern.
Targets: September’s low and Gold Zone [13.87 – 13.83].
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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Price chart of USCrude in real time mode
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