Metals are still trading down, reaching new sell targets
Oil is trading close to the key resistance of the middle-term downtrend [66.17 – 65.92]. I recommend looking for sells with the target in Target Zone 4 [62.84 – 62.59].
The short-term trend, despite the sharp price decrease from Target Zone [66.17 – 65.92], is still upward. The US session closed a little higher than Intermediary Zone [65.00 – 64.87].
For today, I recommend looking for more purchases with the target to renew the local high. To enter buys, we need a pattern.
We won’t sell WTI until traders break out OZ and consolidate below. Then, the trend will reverse downwards, and the target will be in TZ [63.72 – 63.47].
Today's trading tips for WTI:
Buy according to the pattern in Intermediary Zone [65.00 – 64.87]. TakeProfit: 66.20. StopLoss: according to the pattern rules
Gold is now breaking through the middle-term support Target Zone 3 [1272.2 – 1269.1]. If two US sessions close below the zone, the next target will be in TZ 4 [1241.2 – 1238.1]. Otherwise the trend may reverse.
In the shorter timeframe chart, there is a strong gold price decline. Yesterday, sellers consolidated below Target Zone [1278.3 – 1275.2], and today, they are driving the price towards the next target - Gold Zone [1262.8 – 1261.2]. The latter can stop the price fall for a while.
The strong resistance levels are currently Additional Zone and Intermediary Zone [1281.1 – 1279.5],look for sells after they are reached.
Buying will be available if the local trend reverses through IZ breakout and consolidation above.
Today's trading tips for XAUUSD:
- Sell according to the pattern in Additional Zone [1272.5 – 1278]. TakeProfit: Gold Zone [1262.8 – 1262]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [1281.1 – 1279.5]. TakeProfit: Gold Zone [1268 – 1261.2]. StopLoss: according to the pattern rules.
Silver is trading down, targeting Target Zone 2 [15.82 – 15.75]. We don’t know how exactly the zone will be reached: either right away, or through the correction. In case of correction, I recommend looking for sells in the trend from the strong resistances.
Gold Zone [16.18 – 16.15] has been tested again at the Asian session today. The zone hasn’t been broken out, so we can’t yet expect the further price decline. The correction can well develop up from this support.
If silver price is corrected towards Additional Zone or Intermediary Zone, go on looking for sells according to the pattern with the target around the local low.
Buying will be relevant if the price is consolidated above level 16.57. If so, the price is likely to reach the upper Target Zone [16.96 – 16.89].
Today's trading tips for XAGUSD:
- Sell according to the pattern in Additional Zone [16.37 – 16.35]. TakeProfit: Gold Zone [16.18 – 16.15]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [16.57 – 16.53]. TakeProfit: 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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