Oil sellers held up the key resistance to the local trend
WTI continues trading in the middle-term downtrend. Oil price is now trading above the strong support [67.25 – 66.91], so, it is not relevant to sell at the current prices. For position selling, I would recommend expecting the strong resistance zone [70.00 – 69.65] and looking for a pattern there.
Although oil price went rather far beyond Intermediary Zone [68.09 – 67.92]б the short-term trend is still downward. The US session closed below the key resistance, which proves sells to be still relevant. In addition, there is a complete false breakout pattern, so I recommend selling on the correction towards the zone. The sell target will be the low of July,18 and Gold Zone 2 [65.35 – 65.28].
Buying won’t be available until oil price is consolidated above IZ.
Today's trading tips for WTI:
Sell in Intermediary Zone [68.09 – 67.92]. TakeProfit: 66.30, Gold Zone 2 [65.35 – 65.28]. StopLoss: 68.73.
Gold price is being corrected against the middle-term downtrend. The key resistance is at [1245.6 – 1242.5].
The short-term trend is upward. Gold price is now trading in Intermediary Zone [1219.6 – 1218.1]. There are good buy prices in the zone, so, I recommend looking for a reversal pattern and, if there is one, buying XAUUSD with a target in Target Zone [1245.6 – 1242.5].
Selling will be relevant if IZ is broken out with consolidation below. If so, the target will be in the lower Target Zone [1204.1 – 1201.0].
Today's trading tips for XAUUSD:
Buy according to the pattern in Intermediary Zone [1219.6 – 1218.1]. TakeProfit: Target Zone [1245.6 – 1242.5]. StopLoss: according to the pattern rules.
Silver is trading down in the middle-term. The resistance zone, with the best sell prices, is at [15.92 – 15.75].
Let’s analyze the short-term trend.
On Friday and Monday, silver traders were testing the key resistance [15.52 – 15.49]. Sellers managed to draw the price down from the zone, but I don’t see any sell pattern.
Currently, silver quotes are trading in Additional Zone [15.33 – 15.31], that can be interesting for those, who want to trade in the correction.
Summing up, I recommend aggressive buying XAGUSD in AZ with a target to renew the local high. To sell, expect IZ retest and look for a sell pattern.
Today's trading tips for XAGUSD:
- Aggressively: buy in Additional Zone [15.33 – 15.31]. TakeProfit: Intermediary Zone [15.52 – 15.49]. StopLoss: 15.23.
- 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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Price chart of USCrude in real time mode
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