Gold short-term uptrend develops with the primary target at 1242.5
WTI continues trading down in the middle-term. At the moment, oil price is trading above the strong support [67.25 – 66.91], so, it is not relevant to sell at the current. For position selling, I would recommend expecting the strong resistance zone [70.00 – 69.65] and looking for a pattern there.
Buyers managed to reverse the short-term trend upwards, having consolidated the price above Intermediary Zone [68.09 – 67.92] yesterday. We shall now look for buys up to the upper Target Zone [70.00 – 69.65].
The strong supports are Additional Zone [67.84 – 67.75] and Intermediary Zone [66.98 – 66.81]. The latter is the key one.
WTI trading tips for today:
- Buy according to the pattern in Additional Zone [67.84 – 67.75]. TakeProfit: Target Zone [70.00 – 69.65]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [66.98 – 66.81]. TakeProfit: Target Zone [70.00 – 69.65]. StopLoss: according to the pattern rules.
Gold is trading in the range between the resistance [1245.6 – 1238.1] and the support [1210.2 – 1207.1]. The middle-term trend is downward.
Gold continues trading in the local uptrend. The key support [1219.6 – 1218.1] was tested yesterday. It provoked the corresponding response, and gold price was closed at 1225.2. For today, I recommend holding up purchases, opened up to Target Zone [1245.6 – 1242.5], or looking for a pattern again and buying. I suggest you move positions, opened in IZ, to breakeven.
XAUUSD trading tips for today:
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 price is being corrected upward. If it reaches the strong resistance zone [15.92 – 15.75], I recommend considering position selling.
Yesterday, trading recommendation to buy aggressively worked out, the local high was also renewed. The US session closed below Intermediary Zone [15.52 – 15.49], so the short-term downtrend continues. To open short trades, expect a sell signal and sell with a target in Target Zone 3 [15.11 – 15.03].
Purchases won’t be relevant until the US session closes above IZ. In this case, the target will be in the upper TZ [15.92 – 15.85].
XAGUSD trading tips for today:
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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