Silver buyers closed above 14.29 yesterday. Local trend turned to uptrend.
Apparently, the medium-term uptrend for oil has stopped. Buy in case of correction in the zone of [69.54 – 69.23]. The target is TZ 3 [73.86 – 73.55].
The short-term trend is ascending. Traders attempted to break gold Zone [72.60 – 72.44] again yesterday, to no avail. The Additional Zone [71.87 – 71.79] was tested at today’s opening of the trading session. This zone is a powerful support level, so search for long positions form there.
The trend key level located between [71.09 – 70.94] is another mark for looking for long positions. Once the zone has been reached, look for a reversal pattern. The local maximum will be the target.
WTI Trading For Today
- Buy according to the pattern from Additional Zone [787 – 71.79]. Take Profit: Gold Zone [72.60 – 72.44]. Stop Loss: According to pattern rules
- Buy according to the pattern from Intermediary Zone [71.09 – 70.94]. Take Profit: Gold Zone [760 – 72.44]. Stop Loss: According to pattern rules
Obviously, gold traders are building positions. The priority is still ascending. Closest targets: August’s maximum and Target Zone 2 [1225.3 – 1222.2].
The local trend is downward. Yesterday’s trading session didn’t clear the situation up. We see a breakout of Additional Zone [1200.4 – 1199.6] on the chart, but the price isn’t rushing to the key resistance at [1208.9 – 1207.3].
If the quotes collapse today and consolidate bellow yesterday’s low, there will be a pattern to sell. Otherwise, I recommend considering correction buys.
XAU/USD Trading For Today
- Aggressively: buy according to the pattern from the zone [1200.4 – 1195.7]. Take Profit: Intermediary Zone [1208.9 – 1207.3]. Stop Loss: According to pattern rules
- Sell according to the pattern from Intermediary Zone [1208.9 – 1207.3]. Take Profit: 1192, Target Zone [1181.7 – 1178.6]. Stop Loss: According to pattern rules
Silver is approaching Target Zone [14.68 – 14.61]. After the zone is tested, it will be suitable to look for sells according to the pattern within a general downtrend.
The local trend became ascending. Buyers closed yesterday’s trading session above Intermediary Zone [14.29 – 14.25].
Now, the target is the upper Target Zone [14.68 – 14.61]. I recommend buying during correction to strong support levels. Consider long positions with a stop order in the zone from Additional Zone [14.37 – 14.35].
If the correction turns out deep and the prices reach Intermediary Zone [14.19 – 14.16], search for buys according to the pattern.
XAG/USD Trading decisions for today:
- Buy from Additional Zone [14.37 – 14.35]. Take Profit: 14.55, Target Zone [14.68 – 14.61]. Stop Loss: 14.28.
- Buy according to the pattern from Intermediary Zone [14.19 – 14.16]. Take Profit: 14.55, Target Zone [14.68 – 14.61]. Stop Loss: According to pattern rules
IZ - Intermediary Zone - Reflects changes in priority directions of price movements
TZ - Target Zone - The zone which will be reached with a 75% chance once IZ has been broken through.
GZ - Gold Zone - The zone in a medium-term impetus
All the zones are calculated based on a daily average movement and margin requirements of the futures market.