At the end of the week, commodity markets are partially recovering after the previous fall. So far, the rise is the middle-term correction
Oil price is approaching the key resistance of the middle-term downtrend [58.16 – 57.85]. After the zone is tested, look for sales first; and, in case it is broken out, look for purchases.
In the short-term time-frame, don’t exit purchases in Intermediary Zone [55.79 – 55.63]. The target of the long trades is Target Zone [58.16 – 57.85]. A part of profits can be fixed at the local high renewal.
As it is Friday today, I suggest exiting trades for oil, rather than looking for new positions until Monday. The current stop lost for buys may be moved to the breakeven or below the nearest low. If it is triggered at the breakeven, we will be looking for the breakout if the yesterday’s low.
Selling will be relevant if IZ is broken out with consolidation below. Then, starting from the next week, the target will be TZ [54.24 – 53.93].
WTI trading tips for today:
Don’t close purchases in Intermediary Zone [55.79 – 55.63]. TakeProfit: 57.28, Target Zone [58.16 – 57.85]. StopLoss: according to the pattern rules.
Gold price is testing the resistance zone of [1215.0 – 1206.0] from below. The key resistance of the trend is at [1233.7 – 1230.3]. I recommend looking for sales in these two price zones. The first target is at the local low, the second is in Target Zone 2 [1175.4 – 1172.0].
In the shorter time-frame, it is clear that buyers are trying to break out the key resistance of the short-term downtrend. There haven’t yet been any signals either to buy or to sell; I don’t think anything important will happen until Monday.
I don’t recommend trading gold at the weekend, so we shall look for new entries next week.
To sell in the trend, traders need to break through the zone of ¼ of the whole margin at Target Zone 2 [1175.4 – 1172.0]; buying will be relevant if gold price is consolidated above the resistance at [1215.0 – 1213.3].
XAUUSD trading tips for today:
Silver price is trading in the middle-term downtrend. I recommend looking for sells in the resistance zone [14.39 – 14.27] with the target to break through the low of this week + Target Zone 5 [13.67 – 13.59].
The local momentum is also downward. Yesterday, Additional Zone was broken out and the key resistance Intermediary Zone [14.29 – 14.25] was reached. Currently, I recommend looking fro sell entries. To go short, we need a pattern.
If IZ is broken out today, I suggest working according to the alternative scenario next week: buy silver up to the upper Target Zone [14.68 – 14.61].
XAGUSD trading tips for today:
Sell according to the pattern in Intermediary Zone [14.29 – 14.25]. TakeProfit: 13.90, 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 XAUUSD in real time mode
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