US Crude buyers are trying to break out Target Zone 2 [51.11 – 50. 69]. The US session has already closed once, expect the second time. If it occurs, the next target in the uptrend will be Target Zone 3 [55.39 – 54.96].
The short-term uptrend continues. Target Zone 2 [51.11 – 50. 69] was broken out yesterday. Now, I suggest Gold Zone 2 [53.04 – 52.82] as an intermediate target in the trend.
Currently, the price is being corrected. The strong supports are Additional Zone [51.40 – 51.29] and Intermediary Zone [50.33 – 50.12]. The local trend’s border is in Intermediary Zone [50.33 – 50.12].
To enter new buys, expect a correction towards strong supports and look for a confirmation/pattern.
US Crude trading tips for today:
Gold price is again approaching the strong middle-term resistance, Target Zone 3 [1301.7 – 1298.3]. If the zone is broken out, the next target will be TZ 4 [1335.7 – 1332.3].
The local short-term trend is upward. Currently, there are purchases is the key support zone, Intermediary Zone [1281.5 – 1279.8]. The nearest growth target is the high of January 4 that is in target Zone 3 [1301.7 – 1298.3].
If TZ3 is broken out, I suggest Gold Zone 3 [1317.0 – 1315.3] as the next target.
If the price goes back to the Intermediary Zone, we shall look for a new buy pattern.
XAU/USD trading tips for today:
Open/don’t close purchases according to the pattern in Intermediary Zone [1281.5 – 1279.8]. TakeProfit: 1298.3. StopLoss: according to the pattern rules.
Silver price drew a buy pattern in the short-term uptrend.
Silver price is still being corrected, but the middle-term trend remains upward. The target is Target Zone 3 [16.12 – 16.05].
Silver is trading up. After Intermediary Zone [15.51 – 15.47] test, the silver price was rising on January 8 and 9. The local resistance to the price growth was Additional Zone [15.70 – 15.68] that was finally broken out yesterday.
For today, I recommend buying sliver from the level of [15.70 – 15.68] with the stop loss at 15.615 and take profit at January high. If the stop loss is triggered, I suggest looking at the IZ test again.
XAG/USD trading tips for today:
Buy in Additional Zone [15.70 – 15.68]. TakeProfit: 15.87. StopLoss: 15.615.
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.
Write your questions and comments below. I will be pleased to answer and explain.
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