For metals, the future of the short-term trends is being determined
For oil, the accumulation zone is being formed between Target Zone 4 [58.76 – 58.56] and the key resistance [60.04 – 59.85]. The middle-term trend is still downward
As for the short-term trend, yesterday, the model “IZ – TZ” was implemented, then, the key support [59.62 – 59.52] was broken out, and the American session closed the price below.
For today, we are looking for sells. Look for the positions to open from both the outbroken IZ and the new, correctional one [60.07 – 59.98], if it is tested. Sell target is Target Zone [58.64 – 58.45].
Buying will be available if the price is consolidated above the correctional zone, the key resistance. That will open the way to the quotes growth into the zone of [61.15 – 60.95].
Today's trading tips for oil:
- Sell according to the pattern in Intermediary Zone [59.62 – 59.52]. TakeProfit: Target Zone [58.64 – 58.45]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [60.07 – 59.98]. TakeProfit: Target Zone [58.64 – 58.45]. StopLoss: according to the pattern rules.
Gold price is being corrected to the middle-term downtrend, whose target is reaching Target Zone 2 [1296.0 – 1292.5]. Now, the quotes are approaching the strong resistance TZ [1331.0 – 1327.5]. The key resistance is bordered by levels [1345.6 – 1342.1].
The short-term trend is downward. Buyers tested the key resistance to the trend at [1326.3 – 1324.6]. The price wasn’t closed above.
Despite this, there hasn’t been a sell pattern yet. For today, I would recommend looking for sell signal and, in case it appears, selling down to February 8th’s low.
If the European/American session closes above IZ, the aggressive traders can buy the precious metal, but if the price is closed inside IZ, the current downtrend will continue. To reverse the local trend upwards, the price needs to be closed above level 1326.3 at the American session.
Today’s trading tips for gold:
Sell according to the pattern in Intermediary Zone [1326.3 – 1324.6]. TakeProfit: 1308.0, Target Zone 2 [1296.0 – 1292.5]. StopLoss: according to the pattern rules.
Silver price is being corrected within the middle-term downward momentum. A possible correction target is Target Zone [17.01 – 16.93]. There one can look for middle-term sells with the target of February 9th’s low renewal and reaching TZ 2 [16.04 – 15.96].
To detail the situation, let’s look at the shorter timeframe. Here, silver is trading in the short-term downtrend. The key resistance [16.57 – 16.53] was tested yesterday, and the American session closed below. Theretofore, for today, we are looking for sells with the targets of February 9th’s low and TZ 2.
We will buy silver, when the price breaks out IZ and is closed above at the American session. In this case, the target will be the upper Target Zone [17.01 – 16.93].
Today’s trading tips for silver:
Sell according to the pattern in Intermediary Zone [16.57 – 16.53]. TakeProfit: 16.15, Target Zone 2 [16.04 – 15.96]. StopLoss: according to the pattern rules.
IZ - Intermediary Zone: responsible for changing the priority direction of the price movement.
TZ - Target Zone: a zone that, with a probability of 75%, will be reached after the breakout of the IZ.
GZ - Gold Zone: zone in the medium-term impulse.
SZ - Stop Zone: point of Stop Loss setting, selected statistically.
All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.
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