Oil price is being corrected at the end of the week
In the short-term oil chart, it is clear that margin zone [68.09 – 67.92] is being tested. This zone is the key resistance to the short-term downtrend. If it is broken out, the buy target will be Target Zone [70.00 – 69.65]. It will be broken out if the US session closes above the resistance.
Until the trend reverses, look for sells. To do it, expect a pattern like false breakout. Sell target will be yesterday’s low and Gold Zone 2 [65.35 – 65.28].
Today's trading tips for WTI:
Sell according to the pattern in Intermediary Zone [68.09 – 67.92]. TakeProfit: 66.30, Gold Zone 2 [65.35 – 65.28]. StopLoss: according to the pattern rules.
Gold price, after it reached the support Target Zone 5 [1210.2 – 1207.1], is being corrected. In the middle-term trend, it is relevant to look for sells in the resistance zone [1245.6 – 1238.1]. The taregt will be the local low.
Let’s study gold short-term trend.
Gold is still trading down in the short-term timeframe. However, there are some conditions for the trend reversal. Yesterday, there was a strong momentum at the US session. The momentum drew the price up to Intermediary Zone [1228.5 – 1227.0]. At the Asian session, the price went down from the zone but stopped in Gold Zone [1219.4 – 1217.9], which hasn’t yet been broken through.
Considering all the facts, I recommend either expecting a sell pattern and selling XAUUSD with the target at 1212.0, or waiting until IZ is broken out with consolidation above.
Today's trading tips for XAUUSD:
Sell according to the pattern in Intermediary Zone [1228.5 – 1227.0]. TakeProfit: 1212.0. StopLoss: according to the pattern rules.
Silver price has reached the target, Target Zone 3 [15.11 – 15.03], and now is being corrected. The key resistance is at [15.92 – 15.85], so, if you want to sell XAGUSD at good prices, you need to wait.
Silver local trend is also downward. Now, silver price is testing Additional Zone [15.32 – 15.30]. Taking into account the yesterday's strong upward momentum, the price is likely to break out this zone and reach the key resistance [15.52 – 15.49].
After Intermediary Zone is reached, look for sells with a target in Target Zone 3 [15.11 – 15.03].
Today's trading tips for XAGUSD:
- Aggressively: buy in Additional Zone [15.32 – 15.30] if it is broken out. TakeProfit: Intermediary Zone [15.52 – 15.49]. StopLoss: 15.27.
- Sell according to the pattern in Intermediary Zone [15.52 – 15.49]. TakeProfit: Target Zone 3 [15.11 – 15.03]. 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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Real-time price chart of USCrude
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