Commodities are trading in opposite directions today
Oil is actively being purchased. Traders broke out Target Zone 3 [71.27 – 71.02] yesterday.
If the US session is trading above level 71.27 today, we shall seek the new target in Target Zone 4 [73.82 – 73.57] tomorrow.
The short-term trend is still upward. Yesterday, the instrument “closed” to price ranges: between Gold Zone 2 and TZ 3; and from TZ 3 up to Gold Zone 3. A very strong upward momentum. Finally, the price reached the strong resistance zone [72.42 – 72.30]. It will grow higher if the zone is broken out. Until it occurs, we can count on a correction to buy the instrument at good prices.
I recommend buying from the key support when there is a corresponding pattern. The support is between the levels of [71.16 – 71.03].
Today's trading tips for WTI:
Buy according to the pattern in Intermediary Zone [71.16 – 71.03]. TakeProfit: 72.42. StopLoss: according to the pattern rules.
Gold is falling in price, approaching the next target, Target Zone 4 [1241.2 – 1238.1]. The key resistance is in the range of Target Zone 4 [1241.2 – 1238.1].
Let’s study the situation in the shorter timeframe.
The trend is clearly downward. As Gold Zone [1262.8 – 1261.2] was broken out, the target is now in Target Zone 2 [1247.3 – 1244.2].
For today, I recommend looking for sells in the resistance zones, Additional Zone and Intermediary Zone. The latter is the key resistance and the local trend border.
Today's trading tips for XAUUSD:
- Sell according to the pattern in Additional Zone [1259.3 – 1258.6]. TakeProfit: 1251.8, Target Zone 2 [1247.3 – 1244.2]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [1267.9 – 1266.3]. TakeProfit: 1251.8, Target Zone 2 [1247.3 – 1244.2]. StopLoss: according to the pattern rules.
Silver, like gold, is trading down in the longer timeframes. The decreasing target is Target Zone 2 [15.82 – 15.75].
The local trend is also downward. Gold Zone [16.19 – 16.15] was broken out yesterday, the target for sellers is now in Target Zone 2 [15.82 – 15.75].
I recommend looking for sells during the price correction towards the strong resistances, which are the margin zones Additional Zone [16.12 – 16.10] and Intermediary Zone [16.32 – 16.28].
Buying will be relevant only if there is IZ breakout and consolidation above. Then, the trend will reverse and the target will be in the resistance [16.71 – 16.64].
Today's trading tips for XAGUSD:
- Sell according to the pattern in Additional Zone [16.12 – 16.10]. TakeProfit: 15.94, Target Zone 2 [15.82 – 15.75]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [16.32 – 16.28]. TakeProfit: 15.94, Target Zone 2 [15.82 – 15.75]. 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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