Gold price is being corrected after the rise in the middle-term upward momentum. Those, who haven’t yet opened position purchases, have a good opportunity to buy XAU/USD in the 50% correction
WTI
Oil price is being corrected in the long-term time frame. The correction is likely to reach the key support at [73.69 – 73.38]. I recommend looking for new purchases in the zone.
Oil local trend reversed downwards yesterday. Intermediary Zone [75.24 – 75.08] was broken out with consolidation below.
I suggest you look for sales either in Additional Zone [74.67 – 74.59] or in Intermediary Zone [75.52 – 75.37], according to pattern in the shorter time frames.
WTI Trading Tips
- Sell according to the pattern in Additional Zone [74.67 – 74.59]. Take Profit: Target Zone [73.69 – 73.38]. Stop Loss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [75.24 – 75.08]. Take Profit: Target Zone [73.69 – 73.38]. Stop Loss: according to the pattern rules.
XAU/USD
Gold price is being corrected after the rise in the middle-term upward momentum. Those, who haven’t yet opened position purchases, have a good opportunity to buy XAU/USD in the 50% correction.
The short-term momentum is upward. Now, gold price is being corrected with the target to test the key support at [1192.8 – 1191.2].
Yesterday, I recommended aggressive selling. If you followed it, I suggest you hold on the trades up till the targets and move stop loss to the breakeven.
When Intermediary Zone is reached, I suggest buying according to the pattern in the trend extension.
XAU/USD trading tips for today:
- Don’t close sell positions in Additional Zone [1204.5 – 1203.7]. Take Profit: 1196.3, Intermediary Zone [1192.8 – 1192]. Stop Loss: at breakeven.
- Buy according to the pattern in the zone of [1200.5 – 1191.2]. Take Profit: 1208.2, Target Zone [1214.8 – 1211.7]. Stop Loss: according to the pattern
Silver sellers are holding the key resistance zone [14.68 – 14.61] of the downtrend. It is still relevant to look for sales.
Intermediary Zone [14.55 – 14.51] was tested at the end of U.S. trading session yesterday. The support was held, so we shall focus on looking for buys today. I suggest buying after there is a corresdponding signal according to technical analysis.
If Intermediary Zone is broken out from above, the short-term trend will reverse downwards, and the target will be Target Zone [14.19 – 14.11].
XAG/USD Trading Tips
Buy according to the pattern in Intermediary Zone [14.55 – 14.51]. Take Profit: 14.90, Gold Zone [15.01 – 14.97]. Stop Loss: 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.