Commodity markets: oil and metals continue trading in the short-term uptrends
Oil middle-term downtrend continues. Sell target is March 8th’s low and Target Zone 3 [57.86 – 57.65]. This scenario may not be implemented due to the short-term uptrend.
Analyzing the situation in the shorter timeframe, we see that the American session closed above the key support [61.16 – 61.05] yesterday. It means, the uptrend is continuing for today. We need a pattern to buy WTI. If it forms, open purchases with the target to renew yesterday’s high and reach Gold Zone [63.15 – 63.05].
I don’t recommend selling until the American session closes below IZ. In this case, the short-term trend will reverse downwards, and the target will be the lower Target Zone [60.11 – 59.90].
Today's trading tips for WTI:
Buy according to the pattern in Intermediary Zone [61.16 – 61.05]. TakeProfit: 62.20, Gold Zone [63.15 – 63.05]. StopLoss: according to the pattern rules.
Gold quotes continue trading in the middle-term downtrend. Sell target is March’s low and Target Zone 2 [1291.7 – 1288.2].
Although traders have been trying to breakout the key support since March 7, the price is being held above level 1321.3 at the American session. It means, as long as there is not consolidation below Intermediary Zone, the local short-term trend remains upward.
I don’t recommend trading gold for today until the situation clarifies: To sell, it is necessary to renew March, 9th’s low and, then, look for the entry points during the correction; to buy, we need a clear price return beyond the zone and today’s high renewal, then, open buys during the correction as well.
Today's trading tips for XAUUSD:
- Buy according to the pattern in Intermediary Zone [1323.0 – 1323]. TakeProfit: Target Zone [1343 – 1337.8]. StopLoss: 1316.5.
- If the low of March 9 is renewed – sell during the correction. TakeProfit: Target Zone [1305.5 – 1300]. StopLoss: 1326.1.
Silver quotes are trading in the wide accumulation zone between the key resistance to the middle-term downtrend [16.90 – 16.83] and the strong support TZ 2 [16.12 – 16.05]. The metal lack a news driver to exit the price range, and the exiting will suggest the further trend direction.
Let’s analyze the situation in the chart with additional margin zones. Here we see buyers holding up the key support and the short-term uptrend as well. Buy target is Target Zone [16.90 – 16.83].
The priority scenario will be canceled if there is IZ breakout and consolidation below. In this case, the trend will reverse downwards, and the target will be the lower Target Zone [16.09 – 16.02].
Today's trading tips for XAGUSD:
Don’t close buy positions in Intermediary Zone [16.45 – 16.42]. TakeProfit: Target Zone [16.90 – 16.83]. StopLoss: 16.37.
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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