Oil buyers are trying to break out the key resistance to the short-term trend
Oil is trading in the middle-term uptrend. The growth target is to break through the September’s high and reach Target Zone 3 [73.86 – 73.55].
The short-term is currently still downward; the oil price hasn’t been consolidated above Intermediary Zone [69.50 – 69.34]. Therefore, I suggest looking for new sells according to the pattern with the target to renew the local low and retest the lower Target Zone [67.83 – 67.52].
However, if the US session closes above level 69.50 today, we shall start buying WTI tomorrow. If so, the target will be the upper Target Zone [71.20 – 70.89].
WTI trading tips for today:
Sell according to the pattern in Intermediary Zone [69.50 – 69.34]. TakeProfit: Target Zone [67.83 – 67.52]. StopLoss: according to the pattern rules.
Gold price is rising in the uptrend. Hold on the middle-term purchases in [1194.3 – 1180.2] up to the target in Target Zone 2 [1225.3 – 1222.2].
The local trend is still downward. Gold traders were testing Additional Zone [1201.3 – 1200.5] on Monday and Tuesday. The zone has been broken out at the Asian session today. There hasn’t been a sell pattern.
Therefore, I recommend you to expect Intermediary Zone [1209.8 – 1208.3] test and look for a pattern. If it emerges, I suggest selling XAUUSD with the target to break through Monday’s low and reach Target Zone [1181.7 – 1178.6].
XAUUSD trading tips for today:
Sell according to the pattern in Intermediary Zone [1209.8 – 1208.3]. TakeProfit: 1193.1, Target Zone [1181.7 – 1178.6]. StopLoss: according to the pattern rules.
Silver middle-term trend hasn’t changed.
According to margin zones, XAGUSD is still trading down locally. Until the key resistance [14.29 – 14.25] is broken out, it will be relevant to look for sales with a target in Gold Zone [13.87 – 13.83].
I don’t yet see a sell pattern, and the high of September 13 may be broken through. If so, there are two likely scenarios:
- Silver price will go down and draw a reversal pattern, so that we can go short.
- Intermediary Zone is broke out and we switch the alternative scenario, buying silver with a target in the upper TZ [14.68 – 14.61].
XAGUSD trading tips for today:
Sell according to the pattern in Intermediary Zone [14.29 – 14.25]. TakeProfit: Gold Zone [13.87 – 13.83]. 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 USCrude in real time mode
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