Oil price is being corrected, it is approaching the middle-term resistance [70.00 – 69.65]
Oil price is being corrected and approaching the middle-term resistance [70.00 – 69.65]. If the price reaches the zone, look for a sell pattern and sell. Put the first take profit in Target Zone 2 [67.25 – 66.91].
Oil is trading up in the short-term. Now, WTI price is going according to the main scenario. Yesterday, the price rebounded from Additional Zone [67.84 – 67.75]. If the new AZ [68.41 – 68.32] is tested today, I strongly suggest ypu close a part of purchases at the high renewal.
The second price range to trade in the trend is Intermediary Zone [67.55 – 67.38].
WTI trading tips for today:
- Buy in Additional Zone [67.84 – 67.75]. TakeProfit: Target Zone [70.00 – 69.65]. StopLoss: 67.95.
- Buy according to the pattern in Intermediary Zone [67.55 – 67.38]. 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 buy target is Target Zone [1245.6 – 1242.5]. The local high has been renewed at the Asian session today; so, we shall rearrange the support zones.
For today, I recommend buying gold or add more purchases in Additional Zone [1227.5 – 1226.7] with a stop at 1223.0. If the stop works out, the next gold price zone to look for purchases according to the pattern is Intermediary Zone [1217.7 – 1218.2].
XAUUSD trading tips for today:
- Buy according to the pattern in Additional Zone [1227.5 – 1226.7]. TakeProfit: 1235.0, Target Zone [1245.6 – 1242.5]. StopLoss: 1223.0.
- Buy according to the pattern in Intermediary Zone [1217.7 – 1218.2]. TakeProfit: 1235.0, Target Zone [1245.6 – 1245]. StopLoss: 1223.0.
Silver price, like gold, is being corrected in the middle-term. If the strong resistance zone [15.92 – 15.75] is reached, I recommend looking for sells. The target will be Target Zone 3 [15.11 – 15.03].
Yesterday, the US session consolidated the price above Intermediary Zone [15.52 – 15.49]. Therefore, the local trend reversed upwards, and we will be buying in the next few days.
To buy, I recommend expecting the silver price correction towards one of the support zones. I suggest you put a buy limit order in Additional Zone [15.44 – 15.42]. If IZ [15.26 – 15.22] is reached by the price, you’d better look for a pattern.
Set intermediate profit-taking at the local high breakout, the main target is Target Zone [15.92 – 15.85].
XAGUSD trading tips for today:
- Buy in Additional Zone [15.44 – 15.42]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. StopLoss: 15.35.
- Buy according to the pattern in Intermediary Zone [15.26 – 15.22]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. 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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