Metals short-term downtrend is slowing down. The correction is possible
Oil price met strong support at levels [70.76 – 70.53]. The quotes are rising from the zone with the target of Target Zone 5 [73.22 – 72.98].
The short-term trend is still upward. By now, we can see that price has broken out the strong support [71.57 – 71.45] and is moving on towards the target [72.56 – 72.31].
For today, I recommend holding up purchases, adding new ones at the European and US sessions from the mirror level of [71.57 – 71.45].
Selling oil will become relevant only after the instrument breaks out the key support and consolidates below [70.57 – 70.45]. That will drive the prices towards the lower Target Zone [69.35 – 69.10].
Today's trading tips for WTI:
Buy from the resistance [71.57 – 71.45]. TakeProfit: [72.56 – 72.31]. StopLoss: beyond the neares local low
Gold price broke out Target Zone 2 [1303.2 – 1300.1] and consolidated below. The next target in the middle-term downtrend is Target Zone 3 [1272.2 – 1269.1].
Let’s analyze situation in the shorter timeframe.
The short-term trend remains downward. Yesterday, players were testing Additional Zone [1297.2 – 1296.5] and followed trading recommendation to sell targeting below the local low. After that, the price grew up again, and the US session closed near Target Zone [1294.9 – 1291.8], so this middle-term support breakout is not clear.
For more sells, I recommend looking for a corresponding pattern from the strong resistance zones. The key one is Intermediary Zone. It determines the trend border. It is in the range of [1303.4 – 1301.9].
Today's trading tips for XAUUSD:
- Aggressively: sell according to the pattern in Additional Zone [1294.9 – 1294.1]. TakeProfit: 1286.5. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [1303.4 – 1301.9]. TakeProfit: 1286.5. StopLoss: according to the pattern rules.
Silver middle-term downtrend is developing, its target is May’s low renewal and reaching Target Zone 2 [15.86 – 15.79].
In the shorter timeframe, Additional Zone [16.33 – 16.31] is being tested now. In this situation, I don’t recommend selling from there, as there is an opposite buy pattern (double bottom).
For today, it is best to wait until there is a sell signal, and look for sells from the key resistance [16.53 – 16.50].
Sell targets will be yesterday’s low and Target Zone [16.06 – 15.99].
Today's trading tips for XAGUSD:
- Sell according to the pattern in Additional Zone [16.33 – 16.31]. TakeProfit: Target Zone [16.06 – 15.99]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [16.53 – 16.50]. TakeProfit: Target Zone [16.06 – 15.99]. StopLoss: according to the pattern rules.
- Aggressively: buy from support at 16.29. TakeProfit: IZ [16.53 – 16.50]. StopLoss: beyond the nearest local low.
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.
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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