Oil price keeps on pleasing sellers with the strong downtrend. During yesterday, it covered the distance from Target Zone 6 [58.19 – 57.88] down to Target Zone 7 [55.09 – 54.78]. Currently, oil is trading close to the support.
If the oil price is corrected up, the strong resistance will be Target Zone [58.16 – 57.85]. I recommend looking for short trades there.
The short-term oil trend is also downwards. As it is clear from the chart, the price covered the distance from TZ 3 down to TZ 4 [55.59 – 55.28] during yesterday.
So far, Additional Zone [55.60 – 55.52] has been already tested; if it is broken out, one may trade in the correction up to Intermediary Zone [56.45 – 56.30].
After IZ is reached, I suggest primarily looking for new oil sales, and if the zone is broken out, we shall start buying on the next day.
WTI trading tips for today:
Sell according to the pattern in Intermediary Zone [56.45 – 56.30]. TakeProfit: Target Zone 4 [55.59 – 55.28]. StopLoss: according to the pattern rules.
Gold middle-term reversed downwards: Target Zone [1209.4 – 1206.0] was broken out and two consecutive US session closed below.
Now, based on the margin zones analysis, it is relevant to sell down to Target Zone 2 [1175.4 – 1172.0]. The strong resistances are the broken out zone and the price range of [1233.7 – 1230.3].
In the H1 timeframe chart, gold is trading in the zone of the middle-term support [1203.4 – 1200.0]. The local resistance is Additional Zone [1205.7 – 1204.8]. The key resistance of the trend is Intermediary Zone [1215.0 – 1213.3].
Is suggest looking for a sell pattern at the resistances, outlined above. Sell targets will be the local low and Gold Zone [1186.4 – 1184.7].
If AZ is broken out downside, there will be a pattern that will provide an opportunity to trade in the correction towards IZ.
XAUUSD trading tips for today:
- Sell according to the pattern in Additional Zone [1205.7 – 1204.8]. TakeProfit: 1196.8, Gold Zone [1186.4 – 1184.7]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [1215.0 – 1213.3]. TakeProfit: 1196.8, Gold Zone [1186.4 – 1184.7]. StopLoss: according to the pattern rules.
Silver is trading down in the middle-term. The downward target is level 13.90 and Target Zone 5 [13.67 – 13.59].
It is clear from the chart with additional margin zones that Additional Zone [14.12 – 14.10] was tested yesterday. Next, traders tried to breakthrough the low of November 12 but failed. Currently, silver price is being corrected.
If the local low is renewed, the resistance zones must be rearranged. If AZ is broken out from below, there will be an opportunity to by silver up to
Intermediary Zone is the key resistance of the short-term downtrend. It is relevant to look for short trades there.
XAGUSD trading tips for today:
- Sell according to the pattern in Additional Zone [14.12 – 14.10]. TakeProfit: 13.93, Gold Zone [13.83 – 13.80]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [14.32 – 14.28]. TakeProfit: 13.93, Gold Zone [13.83 – 13.80]. 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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Price chart of USCrude in real time mode
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