Oil price continues falling down, metal prices are being corrected
Oil price reached another downward target, arget Zone 2 [67.45 – 67.13]. If the zone is broken out, the next decreasing target will be TZ 3 [64.20 – 63.88].
The short-term trend is also downward. I recommend looking for sells on the corrections towards the strong resistances: Additional Zone [67.64 – 67.54] and Intermediary Zone [68.52 – 68.36]. Sell target will be the local low renewal.
If the key resistance is broken out with consolidation above, the trend will reverse. In this case, the target will be in the upper Target Zone.
Today's trading tips for WTI:
- Sell according to the pattern in Additional Zone [67.64 – 67.54]. TakeProfit: 66.86. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [68.52 – 68.36]. TakeProfit: 66.86. StopLoss: according to the pattern rules.
Gold price stopped falling in the strong margin support zone [1241.2 – 1238.1]. If sellers break the zone out, the next target will be Target Zone 5 [1210.2 – 1207.1]. If buyers hold the support, gold price will be corrected, probably, towards the key resistance.
According to junior margin zones, gold price is trading down in the short term. Now, gold price is being corrected; it is again approaching Additional Zone [1245.0 – 1244.2]. I don’t recommend selling in the zone once again. To trade in the trend, I recommend waiting for the key resistance [1253.5 – 1252.0] test and looking for a reversal pattern.
To trade in the correction, wait until AZ is broken out and enter a trade on the price rollback with a target in Intermediary Zone.
Today's trading tips for XAUUSD:
Sell according to the pattern in Intermediary Zone [1253.5 – 1252.0]. Target Zone [1234.9 – 1231.8]. StopLoss: according to the pattern rules.
Silver buyers are holding up the strong support Target Zone 2 [15.83 – 15.75], therefore, it is still too early to expect the further decline. You may consider middle-term purchases in the key resistance [16.43 – 16.36], but you should wait for some time.
Let’s detail the situation in the shorter timeframe.
On July 13, there was formed the local low that hasn’t yet been renewed. The local trend is downward, but TZ2 stops the price declining. If the price is corrected towards the key resistance [16.04 – 16.00], I recommend looking for a sell signal and selling XAGUSD, targeting 15.66.
Aggressively, one may trade in the correction, provided the price is consolidated above 15.83.
Today's trading tips for XAGUSD:
Sell according to the pattern in Intermediary Zone [16.04 – 16.00]. TakeProfit: 15.66, Gold Zone [15.47 – 15.43]. 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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Real-time price chart of USCrude
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