Metal prices are being corrected locally
Oil buyers consolidated above Target Zone 3 [71.27 – 71.02] and renewed May’s high. The next growth target is TZ 4 [73.83 – 73.57]. Traders can well try to reach the zone through the test of the middle-term support [70.72 – 70.46].
According to the short-term analysis, buy target for today is Target Zone 4 [73.83 – 73.57].
Before you buy, it is preferable that the key support [72.00 – 71.87] is tested and a corresponding pattern appears. If the price goes as expected, you should fix a part of your profits at the local low.
We will sell WTI when Intermediary Zone is broken out with consolidation below.
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.
Yesterday, gold price approached the next sell target, but didn’t reach it. The target is Target Zone 4 [1241.2 – 1238.1].
The target for trading in the middle-term trend is to wait for good prices, for example, in the key resistance zone [1280.0 – 1277.0], and sell according to the pattern.
As for the local trend, Target Zone 2 [1247.3 – 1244.2] was reached. So the priority sell pattern worked out.
The price can be corrected now, the first target will be the test of Additional Zone [1254.5 – 1253.7], and then, if it is broken out, Intermediary Zone [1263.0 – 1261.5] test.
If there are signals to sell in the zones, indicated above, I recommend selling XAUUSD targeting to renew today’s low.
Today's trading tips for XAUUSD:
- Sell according to the pattern in Additional Zone [1254.5 – 1253.7]. TakeProfit: Target Zone 2 [1247.3 – 1244.2]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [1263.0 – 1261.5]. TakeProfit: Target Zone 2 [1247.3 – 1244.2]. StopLoss: according to the pattern rules.
Silver price is approaching Target Zone 2 [15.82 – 15.75]. Currently, it is the main sell target. The resistance is at [16.66 – 16.59].
In the shorter timeframe, Additional Zone [16.07 – 16.05] was tested just now. I recommend looking for sell signals in the resistance zone. The target will be Target Zone 2 [15.82 – 15.75].
If buyers break out AZ from above and draw the price to Intermediary Zone [16.27 – 16.23], also look for sells.
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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