Commodity prices are being corrected. Metals are testing the key resistance to the local trend
Oil is trading down in the short-term. Oil traders are testing the strong resistance Additional Zone [64.84 – 64.76] now. The zone hasn't yet been broken through, so, look for sales according to pattern.
The second zone to look for sell trades is Intermediary Zone [65.79 – 65.62]. It is the key resistance in the local downtrend. Sell target is yesterday's low.
WTI trading tips for today:
- Sell according to the pattern in Additional Zone [64.84 – 64.76]. TakeProfit: Gold Zone [63.98 – 63.80]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [65.79 – 65.62]. TakeProfit: Gold Zone [63.98 – 63.80]. StopLoss: according to the pattern rules.
Gold sellers are trying to break through Target Zone 6 [1179.2 – 1176.1]. If they consolidate below the zone, the next sell target in the trends will be Target Zone 7 [1148.2 – 1145.1].
Let’s see the short-term gold trend.
Intermediary Zone [1177.2 – 1175.7] was tested yesterday. The U.S. session closed below the zone, so the local downtrend continues.
For today, I recommend looking for a reversal sell pattern, and, if there is one, selling XAUUSD with a target in Gold Zone 2 [1157.7 – 1156.2].
Alternative scenario: IZ breakout and consolidation above. It will result in trend rteversal, and the buy target will be Target Zone [1194.3 – 1191.2].
XAUUSD trading tips for today:
Sell according to the pattern in Intermediary Zone [1177.2 -1175.7]. TakeProfit: 1160.9, Gold Zone 2 [1157.7 – 1156.2]. StopLoss: according to the pattern rules.
Silver price is being corrected up after the drop this week. The key resistance in the trend is at [15.08 – 15.00]. If the zone is reached by the price, I recommend middle-term sales according to the pattern.
Silver buyers reached Intermediary Zone [14.68 – 14.64] yesterday. It is the key resistance in the local downtrend. For today, I recommend looking for a sell pattern and, if it emerges, selling XAGUSD with a target around yesterday’s low + Target Zone 2 [14.18 – 14.10].
Buying will be relevant if the trend reverses upwards. It will occur if the key resistance is broken through from below and the price is consolidated above level 14.68. If so, the target will be in the upper Target Zone [15.08 – 15.00].
XAGUSD trading tips for today:
- Aggressive: buy in Additional Zone [14.40 – 14.38]. TakeProfit: Intermediary Zone [14.68 – 14.64]. StopLoss: 14.30.
- Sell according to the pattern in Intermediary Zone [14.68 – 14.64]. TakeProfit: 14.29, Target Zone 2 [14.18 – 14.10]. 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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