There is pattern to buy oil from the key support
Oil is trading between the key resistance [52.98 – 52.57] and Target Zone 9 [47.89 – 47.48]. The trend is downward, so look for short trades.
There is a clear uptrend in the chart with additional margin zones. Yesterday, there emerged a pattern to buy with a target at Target Zone [52.98 – 52.57]. For now, I recommend buying oil according to the pattern.
The upward scenario will be canceled if oil price breaks out Intermediary Zone [50.36 – 50.15] and is consolidated below. If so, the target will be at the lower Target Zone [48.31 – 47.90].
WTI trading tips for today:
Buy according to the pattern in Intermediary Zone [50.36 – 50.15]. TakeProfit: Target Zone [52.98 – 52.57]. StopLoss: according to the pattern rules.
In the gold price chart, there is corrective rise. The key resistance of the middle-term downtrend at [1233.7 – 1230.3] is in the way up. Until it is broken out, it will be relevant to sell. If it is broken through, we shall start buying with a target in Target Zone 2 [1267.7 – 1264.3].
The short -term uptrend continues. Yesterday, buyers were accumulating positions. As the high of November 28 was renewed yesterday, Additional Zone should be rearranged. Now it is in the range of [1220.5 – 1219.6]. After the zone is reached, buy gold with a stop beyond the level and take profit in Target Zone [1233.7 – 1230.3].
If the price goes back towards the key support, we shall look for a buy pattern again.
XAUUSD trading tips for today:
Buy in Additional Zone [1220.5 – 1219.6]. TakeProfit: Target Zone [1233.7 – 1230.3]. StopLoss: 1216.7.
For silver, nothing has changed in the longer timeframe since yesterday. It is relevant to sell, the key resistance is at [14.68 – 14.61]. The first sell target is at 13.90.
In the short-term, I suggest holding purchases, opened in Additional Zone [14.21 – 14.19]. These trades are aggressive, as the local trend is downward. Buy target will be Intermediary Zone [14.49 – 14.45].
After Intermediary Zone is reached by silver price, I recommend looking for sells according to the pattern. As it is Friday today, even if there is a pattern, you’d better enter a trade next week.
To buy in the trend, traders need to break through IZ and consolidate above the zone.
XAGUSD trading tips for today:
- Hold on long trades in Additional Zone [14.29 – 14.27]. TakeProfit: Intermediary Zone [14.49 – 14.45]. StopLoss: 14.236.
- Sell according to the pattern in Intermediary Zone [14.49 – 14.45]. TakeProfit: 14.10, Target Zone [13.83 – 13.76]. 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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Price chart of USCrude in real time mode
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