Silver price broke out the key resistance to the middle-term trend. The trend reversed upwards.
Traders drew the price to the resistance of the middle-term downtrend. The price hasn’t been closed above the zone, so the sell priority remains. I recommend looking for a pattern and opening short positions.
Sell target will be renewing last week’s low and Target Zone 4 [62.84 – 62.59].
Oil continues trading up in the short term. Target Zone [66.97 – 66.72] was reached yesterday. I recommend closing purchases, if there opened ones, and being prepared for a correction.
Look for a buy pattern when the price reaches the strong support zones, such as Additional Zone [66.13 – 66.07] and Intermediary Zone [65.50 – 65.37]. Buy target will be renewing yesterday’s high.
If IZ is broken out, the local trend will reverse downwards, and we will look for sells, holding on the trades down to the lower TZ [66.22 – 63.97].
Today's trading tips for WTI:
- Buy according to the pattern in Additional Zone [66.13 – 66.07]. TakeProfit: Target Zone [66.97 – 66.72]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [65.50 – 65.37]. TakeProfit: Target Zone [66.97 – 66.72]. StopLoss: according to the pattern rules.
Gold price didn’t move after the release of the news from the Fed yesterday. Everything is likely to be expected, and traders included the interest rate decision in the current prices. The trend remains downward, but I wouldn’t recommend selling the instrument now.
I think you should wait until the key resistance at [1316.2 – 1313.1] is tested and then take your decision.
The local trend is upward. Yesterday, the key support [1292.3 – 1290.7] was tested once again, it was broken out.
As the important news was released, we shall again buy the instrument. To do it, we need a pattern in the needed direction. The target is Target Zone [1316.2 – 1313.1].
The trend will reverse if the US session closes below Intermediary Zone. In this case, we shall sell XAUUSD, targeting the lower middle-term support.
Today's trading tips for XAUUSD:
Buy according to the pattern in Intermediary Zone [1292.3 – 1290.7]. TakeProfit: Target Zone [1316.2 – 1313.1]. StopLoss: according to the pattern rules.
Silver middle-term trend has changed. The US session closed for the second time above Target Zone [16.80 – 16.72] yesterday. We shall now look for purchases up to Target Zone 2 [17.51 – 17.44].
Let’s study the situation in the shorter timeframe. The US session closed above Target Zone [16.93 – 16.85] yesterday; so, the next buy target is now Gold Zone [17.25 – 17.21].
I recommend buying the metal during the price correction towards either Additional Zone, or Intermediary Zone. The latter is the key support to the short-term trend, it is between levels [16.70 – 16.66].
We don’t consider selling for now, as the uptrend is quite strong.
Today's trading tips for XAGUSD:
Buy according to the pattern in Intermediary Zone [16.70 – 16.66]. TakeProfit: Gold Zone [17.25 – 17.21]. 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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