According to the analysis of margin zones, oil and gold continue trading in the middle-term uptrend; silver is trading close to the flat upper border.
Oil continues trading in the middle-term uptrend. For now, we see the quotes being corrected. A possible correction target is the key support Target Zone [65.52 – 65.31], where we will look for futher purchases.
In the chart with additional zones, we see oil trading in the short-term uptrend. The price is trading near the key support Intermediary Zone [66.57 – 66.46].
If it is tested, I recommend buying the instrument with target of Friday’s highs and a stop order beyond the low of April 12.
If the key support is broken out from above with consolidation below, on the next trading day, we will start selling oil with the target at the lower Target Zone [65.52 – 65.31].
Today's trading tips for WTI:
Buy in Intermediary Zone [66.57 – 66.46]. TakeProfit: 67.57, Target Zone 3 [68.34 – 68.13]. StopLoss: 65.89.
Gold quotes are rising up from the key support to the middle-term uptrend at [1334.2 – 1331.5]. The upward target is last week’s high.
However, in the shorter timeframe, we see the short-term downtrend. Intermediary Zone [1350.2 – 1348.6] has been tested at the Asian session today.
There isn’t yet a sell pattern, but in case it emerges, I recommend looking for sells. The target will be last Friday’s high.
If IZ is broken out, then we shall switch to plan ‘B’: buying the precious metal, targeting the upper Target Zone [1367.2 – 1364.1]. April’s high is about at the same zone.
Today's trading tips for XAUUSD:
Sell according to the pattern in Intermediary Zone [1350.2 – 1348.6]. TakeProfit: Target Zone [1334.2 – 1331.1]. StopLoss: according to the pattern rules.
Silver is trading in the price corridor [16.62 – 16.05]. We shall wait until the price leaves the channel and consolidates beyond its borders, to look for further middle-term positions.
The short-term trend, like the long-term one, is still downward. Therefore, for today, we are primarily looking for sells with the target of Gold Zone [16.28 – 16.26].
Selling will be available when there is an additional signal, a pattern formed in the key resistance zone, IZ [16.57 – 16.55].
If there is no sell pattern, and the key resistance is broken out instead, we will buy silver. The target will be the upper Target Zone [16.76 – 16.73].
Today's trading tips for XAUUSD:
Sell according to the pattern in Intermediary Zone [16.57 – 16.55]. TakeProfit: 16.38, Gold Zone [16.28 – 16.26]. StopLoss: according to the pattern rules.
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.
P.S. Did you like my article? Share it in social networks: it will be the best “thank you" :)
Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.
- I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
- Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/liteforex
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.