The week closes with an optimistic tone for oil. Let’s wait for the American session
The week closes with an optimistic tone for oil. The key support level is at [69.54 – 69.23]. The BUY target is in Target Zone 3 [73.86 – 73.55].
The short-term trend is upward, but there are prerequisites for the development of correction.
WTF can be sold aggressively from Additional Zone [72.27 – 72.19] with Take Profit placed in Intermediary Zone [71.09 – 70.94].
Once the latter reached, search for long positions in the direction of the trend. More likely, we will go long next week. Today, I recommend closing positions.
WTI Trading decisions for today:
- Aggressively: Sell from Additional Zone [72.27 – 72.19]. TakeProfit: Intermediary Zone [709 – 70.94]. StopLoss: 72.64.
- Buy according to the pattern from Intermediary Zone [71.09 – 70.94]. TakeProfit: Gold Zone [760 – 72.44]. StopLoss: According to pattern rules
Despite gold’s stubborn struggle at 1194.3 – 1191.2, it reached the main support level of the medium-term uptrend. As long as this zone is held, it’s profitable to find and hold buys as the quotes are quite likely to continue growing to Target Zone 2 [1225.3 – 1222.2].
Short positions reached the target within the local trend: Target Zone [1181.7 – 1178.6] was tested yesterday. I recommend closing short positions and observe the situation.
If strong resistance levels, such as Additional Zone and Intermediary Zone, are tested, first look for sells according to the pattern. For a trend to change, consolidation above IZ, i.e. above 1198.8, is required.
XAUUSD Trading decisions for today:
- Sell according to the pattern from Additional Zone [1190.3 – 1189.5]. TakeProfit: Target Zone [1187 – 1178.6]. StopLoss: According to pattern rules
- Sell according to the pattern from Intermediary Zone [1198.8 – 1197.3]. TakeProfit: Target Zone [1181.7 – 1178.6]. StopLoss: According to pattern rules
Silver hasn’t been producing trading signals for working on longer time-frames this week. Correction takes its time to develop with a possible target at the key resistance of the trend [14.68 – 14.61].
The short-term trend remains upward. Sellers brought the price into Intermediary Zone [14.19 – 14.16] yesterday. This margin zone includes the best prices for buying, so it’s high time to look for “buy” trades if you haven’t opened any yet.
Let me remind you that the upper Target Zone [14.68 – 14.61] is a target of long positions. You can partly fix your positions when the local highs have been updated.
If the situation follows an alternative scenario, we will see breakout and consolidation below IZ. In this case, close all long positions and consider sells starting from the next week.
XAGUSD Trading decisions for today:
Buy according to the pattern from Intermediary Zone [14.19 – 14.16]. TakeProfit: 14.55, Target Zone [14.68 – 14.61]. StopLoss: According to pattern rules
IZ - Intermediary Zone - Reflects changes in priority directions of price movements
TZ - Target Zone - The zone which will be reached with a 75% chance once IZ has been broken through.
GZ - Gold Zone - The zone in a medium-term impetus
All the zones are calculated based on a daily average movement and margin requirements of the futures market.
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Price chart of USCrude in real time mode
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