Commodities (oil, gold, silver) continue trading in the short-term uptrends
Continue looking for oil middle-term buy positions wit ha target in Target Zone 2 [71.14 – 70.80].
Oil is trading up in the shirt-term; there was an opportunity to enter buy trades according to the pattern in Additional Zone yesterday. You can fix a part of trades close to Gold Zone. Hold a part of purchases at the breakeven, the target is Friday’s high.
If the price is corrected towards the key support [67.47 – 67.30], look for new purchases. Targets are the same.
Alternative scenario: sell oil in case of level 67.30 breakout and consolidation below.
WTI trading tips for today:
- Hold up purchases in Additional Zone [68.33 – 68.24]. TakeProfit: Gold Zone [69.24 – 69.07]. StopLoss: at breakeven.
- Buy according to the pattern in Intermediary Zone [67.47 – 67.30]. TakeProfit: Gold Zone [69.24 – 69.07]. StopLoss: according to the pattern rules.
Gold is trading up in the middle-term trend on Tuesday morning; the target is Target Zone 2 [1225.3 – 1222.2]. Look for gold purchases during the price correction towards the zone of [1194.3 – 1178.4].
In the short-term, gold is trading in the strong uptrend. Gold Zone [1208.2 – 1206.7] was broken out yesterday. The next target is Target Zone 2 [1225.3 – 1222.2].
If gold price is being corrected, look for long trades. It is relevant to buy up from the following strong supports:
- Additional Zone [1204.7 – 1204.0];
- Intermediary Zone [1197.0 – 1195.4].
XAUUSD trading tips for today:
- Buy according to the pattern in Additional Zone [1204.7 – 1204.0]. TakeProfit: 1212.1, Target Zone 2 [1225.3 – 1222.2]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [1197.0 – 1195.4]. TakeProfit: 1211, Target Zone 2 [1225.3 – 1222.2]. StopLoss: according to the pattern rules.
Silver price is only being corrected in the general middle-term downtrend. To reverse the trend, buyers need break out the key resistance at [15.08 – 15.00]. Until then, look for sell positions.
Let’s study the short-term trend, according to smaller margin zones.
The local trend is upward. Buy target is Target Zone [15.08 – 15.00]. Yesterday, there worked out the previous scenario to buy and the local high was renewed; therefore, look for new buy trades today.
Good price to buy according to the pattern are in the support zones Additional Zone [14.69 – 14.67] and Intermediary Zone [14.51 – 14.47]. The latter is the trend border.
XAGUSD trading tips for today:
- Buy according to the pattern in Additional Zone [14.69 – 14.67]. TakeProfit: 14.87, Target Zone [15.08 – 15.00]. StopLoss: according to the pattern rules.
- Buy according to the pattern in Intermediary Zone [14.51 – 14.47]. TakeProfit: 14.87, Target Zone [15.08 – 15.00]. 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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