Oil price continues the middle-term downtrend and is now approaching the first target, March, 8th’s low. The further decrease will depend on whether sellers will manage to close the price below TZ 2 [59.96 – 59.75] at the American session.
Despite a growth attempt from Intermediary Zone [61.16 – 61.05] yesterday, the short-term trend has reversed downwards. Therefore, for today I recommend looking for sells down to the lower Target Zone [60.11 – 59.90]. The strong resistances are Additional [60.85 – 60.80] and Intermediary Zone [61.43 – 61.32]. When the zones are reached, look for a pattern and sell.
Alternative scenario is buying WTI. It will be available if the priority model doesn’t work out, and the American session closes above the key resistance. In this case, we will look for long positions up to the upper Target Zone [62.58 – 62.37].
Today's trading tips for WTI:
- Buy according to the pattern in Additional Zone [60.85 – 60.80]. TakeProfit: Target Zone [60.11 – 59.90]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [61.43 – 61.32]. TakeProfit: Target Zone [60.11 – 59.90]. StopLoss: according to the pattern rules.
Gold middle-term trend remains unchanged. Sell target is Target Zone 2 [1291.7 – 1288.2].
The local upward trend continues: Intermediary Zone [1323.0 – 1321.3] was held. The short-term buy target is the upper border of Target Zone – 1341.3. Hold on buy positions from the zone up to the target, having moved them to the breakeven.
Selling will be relevant if IZ is broken out and the American session closes the price below the zone. Only in this case we can look for short positions down to the lower Target Zone [1305.5 – 1302.0].
Today's trading tips for XAUUSD:
Don’t close buy positions in Intermediary Zone [1323.0 – 1321.3]. TakeProfit: Target Zone [1341.3 – 1337.8]. StopLoss: at breakeven.
For silver, the situation in the long timeframe remains the same as yesterday. The middle-term trend is downward.
According to the analysis of the situation in the chart with additional zones, buyers are holding the key support to the short-term uptrend, which is at levels [16.45 – 16.42]. Therefore, we also hold up the purchases, following large players. Buy target is Target Zone [16.90 – 16.83].
We will sell silver if there is IZ breakout and consolidation below. In this case, 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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