According to market analysis, middle-term uptrends continue for oil and metals
Oil middle-term uptrend continues. Buy target is Target Zone 4 [58.88 – 58.49].
Gold Zone [57.21 – 57.02] was reached in the local uptrend. It is the strong resistance, so I recommend closing all short-term purchases and being prepared for a possible correction.
In case of a correction, enter new buy trades from the strong supports, such as Additional Zone [56.24 – 56.14] and Intermediary Zone [55.27 – 55.07]. The target will be the local high.
For the further price growth, it should be consolidated above Gold Zone. In this case, the target will be Target Zone 2 [59.36 – 58.97].
USCrude trading tips for today:
- Buy according to the pattern in Additional Zone [56.24 – 56.14]. TakeProfit: 57.16. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [55.27 – 55.07]. TakeProfit: 57.16. StopLoss: according to the pattern rules.
Gold traders are trying to consolidate above Target Zone 4 [1335.7 – 1332.3]. If they succeed, the next target will be TZ 5 [1369.7 – 1366.3]. Otherwise, there will be a middle-term correction towards the key support to the trend [1312.7 – 1309.3].
Let’s study the short-term trend. It is upward. Yesterday, there was a try to reach Gold Zone 4 [1351.0 – 1349.3], but the price formed a new high and started correction.
The sellers are currently testing Additional Zone [1338.2 – 1337.4], which is the strong intraday support zone, where one may look for purchases. The second zone to look for purchases is the trend key support [1329.7 – 1328.0]. The target will be breaking through the yesterday’s high.
XAUUSD trading tips for today:
- Buy according to the pattern in Additional Zone [1338.2 – 1337.4]. TakeProfit: 1346.5. StopLoss: according to the pattern rules
- Buy according to the pattern in Intermediary Zone [1329.7 – 1328.0]. TakeProfit: 1346.5. StopLoss: according to the pattern rules
Silver price stopped in Target Zone 3 [16.12 – 16.05]. To draw it higher, buyer need to break this zone out and consolidate the price above. Otherwise, the price may go down into the key support zone [15.49 – 15.42].
The short-term trend is upward and Target Zone [16.28 – 16.20] was reached yesterday. The main scenario has worked out, followed by the price correction.
Traders are currently testing Additional Zone [16.03 – 16.01]. If it is broken out with consolidation below, the price will go down towards the key support zone [15.85 – 15.81].
Look for buy signals in AZ and IZ. A reversal pattern can be a signal; the local high will be a target profit.
XAGUSD trading tips for today:
- Buy according to the pattern in Additional Zone [16.03 – 16.01]. TakeProfit: 16.21. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [15.85 – 15.81]. TakeProfit: 16.21. 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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