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.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.