According to oil margin zones, the short-term trend reversed upwards.
Oil is trading down in the longer timeframe. The first sell target was reached – June 5 low was renewed; after that, the quotes were corrected and closely approached the new key resistance at [66.17 – 65.92].
After the zone is reached, I recommend looking for sells with the target in Target Zone 4 [62.84 – 62.59].
Yesterday, buyers gained control over the situation and reversed the short-term trend. Finally, Intermediary Zone [64.77 – 64.64] was broken out, leaving no chances to sell, as the price was consolidated above the zone.
For today, the margin zone analysis suggests that it is relevant to buy. The target is Target Zone [66.17 – 65.92].
Good price zones to look for purchases are Additional Zone [65.15 – 65.08] and Intermediary Zone [64.51 – 64.39]. I recommend looking for additional buy signal, with the use of technical analysis.
Today's trading tips for WTI:
- Buy according to the pattern in Additional Zone [65.15 – 65.08]. TakeProfit: Target Zone [66.17 – 65.92]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [64.51 – 64.39]. TakeProfit: Target Zone [66.17 – 65.92]. StopLoss: according to the pattern rules.
Gold quotes are approaching the main sell target in the middle term, Target Zone 3 [1272.2 – 1269.1]. After the zone is reached, I recommend closing 90% of sells.
The short-term trend is still downward. Additional Zone [1284.0 – 1283.2], the strong resistance, has been tested at the Asian session today. If there is a reversal pattern, sell gold with the target to renew the local low.
Do the same when the strong resistance [1292.5 – 1291.0] is reached.
Buying XAUUSD will be available when buyers break out IZ, and the US session confirms the break out, closing above the zone. If so, the trend will reverse upwards, and we will buy up to Target Zone [1309.5 – 1306.4].
Today's trading tips for XAUUSD:
- Sell according to the pattern in Additional Zone [1284.0 – 1283.2]. TakeProfit: 1275.0. StopLoss: according to the pattern rules.
- Sell according to the pattern rules Intermediary Zone [1295 – 1291.0]. TakeProfit: 1275.0. StopLoss: according to the pattern rules.
Silver traders behave rather strange...However, let’s analyze the facts.
The middle-term trend is still upward. The key support Target Zone [16.54 – 16.47] was tested. It was broken out yesterday. If the US session closes below the zone today, the middle-term trend will reverse downwards.
If buyers regain control over the situation and draw the price above the support, continue looking for purchases with the target in TZ 2 [17.51 – 17.44].
The short-term trend is downward. In the shorter timeframe, we see that TZ [16.54 – 16.47] was broken out yesterday; so, we can mark Gold Zone [16.18 – 16.15] as an intermediate target. All short trades should be aimed at this zone. Partial fixing can be set at the local low renewing.
Where should we look for sells? In the strong resistance zones, Additional Zone and Intermediary Zone. The latter is between the levels of [16.76 – 16.73]. If the low is renewed, margin zones should be rearranged.
Buying will be relevant if level 16.76 is broken out with consolidation above. If so, the price is likely to go up towards the upper TZ [17.16 – 17.09].
Today's trading tips for XAGUSD:
- Sell according to the pattern in Additional Zone [16.57 – 16.55]. TakeProfit: 16.38, Gold Zone [16.18 – 16.15]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [16.76 – 16.73]. TakeProfit: 16.38, Gold Zone [16.18 – 16.15]. 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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