Oil buyers hold the key support to the local trend
Oil continues trading up in the middle-term. Look for buys in shorter timeframes.
The local trend is upward. The quotes are trading close to the key support [67.80 – 67.67] now. Look for a pattern, and, if it emerges, buy the instrument with the target to renew the local high and reach Gold Zone 2 [69.87 – 69.74].
Selling will be available if the US session closes below Intermediary Zone. If so, the trend will reverse downwards, and we shall sell down to the lower Target Zone [66.52 – 66.27].
Today's trading tips for WTI:
Buy according to the pattern in Intermediary Zone [67.8 - 67.67]. TakeProfit: 69.05, Gold Zone 2 [69.87 – 69.74]. StopLoss: according to the pattern rules.
Yesterday, my trading recommendation to sell gold from Additional Zone [1269.9 – 1269.1] worked out. Gold Zone was reached, finally.
The price will fall deeper if GZ is broken out. If so, the target will be in Target Zone 2 [1247.3 – 1244.2].
If the support is held, the price is likely to be corrected towards the key resistance, where I also suggest selling.
Today's trading tips for XAUUSD:
Sell according to the pattern in Intermediary Zone [1278.4 – 1276.8]. TakeProfit: Gold Zone [1262.8 – 1261.2]. StopLoss: according to the pattern rules.
Silver is trading down in the middle-term. The downward target is Target Zone 2 [15.82 – 15.75].
The local trend is also downwards; but, according to technical analysis, we have a buy pattern.
Therefore, I recommend aggressive traders to buy/hold on buys with the target in the key resistance zone [16.54 – 16.50].
If you are a conservative trader, wait until the key resistance is tested and look for a sell pattern. Sell target will be Gold Zone [16.18 – 16.15].
Today's trading tips for XAGUSD:
- Aggressively: buy/don’t close buys in Additional Zone [16.266 – 16.248]. TakeProfit: Intermediary Zone [16.54 – 16.50]. StopLoss: 16.14.
- Sell according to the pattern in Intermediary Zone [16.54 – 16.50]. 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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