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.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.