According to margin zones analysis, gold short-term trend reversed upwards.
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 .
The short-term trend is also downward. Players tested the key resistance [59.28 – 59.18] yesterday. The American session closed below, but there also was the middle-term support test. For now, the accumulation zone can be formed between IZ and TZ..
The main sell target is yesterday’s low. If it isn’t renewed, and the key resistance is broken out, then the local trend will reverse upwards, and we will buy oil up to the upper TZ [60.35 – 60.15].
Today's trading tips for oil:
Sell according to the pattern in [59.28 – 59.18]. TakeProfit: 58.26, Gold Zone [57.67 – 57.57]. StopLoss: according to the pattern rules.
Gold price is still being corrected within the middle-term downtrend. Yesterday, traders tested the strong resistance, the outbroken TZ, which had been the key support before. The zone has been broken out out at the Asian session today. Now, the key resistance at [1345.6 – 1342.1] is more likely to be reached. I recommend looking for middle-term sell positions in the zone.
The short term trend for the instrument has reversed upwards due to Intermediary Zone [1326.3 – 1324.6] breakout and closing the price above it. For now, buy target is Target Zone [1345.6 – 1342.1]. Aggressive traders could have bought during the retest yesterday. For today, I recommend looking for the opportunity to add/open buy positions by conservative traders.
Options to open buy positions:
- In Additional Zone [1328.2 – 1327.3]
- In Intermediary Zone – the key support [1319.4 – 1317.7]
We will sell XAUUSD if bears consolidate the price below the key support. Then, the target will be the lower TZ [1301.9 – 1298.4].
Today’s trading tips for gold:
- Don’t close aggressive buy positions in Intermediary Zone [1326.3 – 1324.6]. TakeProfit: Target Zone [1345.6 – 1342.1]. StopLoss: 1322.5
- Buy in Additional Zone [1328.2 – 1327.36]. TakeProfit: Target Zone [1345.6 – 1341]. StopLoss: 1322.5
- Buy according to the pattern in Intermediary Zone [1319.4 – 1317.7]. TakeProfit: Target Zone [1345.6 – 1342.1]. StopLoss: according to the pattern rules.
Silver price is being corrected to the middle-term downtrend. When the key resistance [17.01 – 16.93] is reached, I recommend selling the instrument.
In the shorter timeframe, we see that yesterday there was formed the pattern to sell from the key resistance to the local downtrend [16.57 – 16.53]. However, the price has been let above IZ today. I recommend closing sells. If yesterday’s high is renewed, I recommend buying with target of Target Zone [17.01 – 16.93].
If the resistance is held, the price will go down into Target Zone 2 [16.04 – 15.96], renewing the low of February 9.
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.
- In case of consolidation beyond level 16.64 -buy from the level. TakeProfit: Target Zone [17.01 – 16.93]. StopLoss: 16.45.
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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