There is an opportunity to trade gold in the correction, but the short-term downtrend continues
Oil price broke out the key support at [73.69 – 73.38]. The middle-term uptrend may reverse. If the U.S. session closes below the zone today, I suggest selling WTI with a target in Target Zone 2 [70.59 – 70.28].
The short-term trend is downward. Yesterday, there was a perfect opportunity to enter a trade according to 1-2-3 pattern. Finally, the local low was broken through and Gold Zone [72.14 – 71.98] was reached. All sell targets have been achieved.
For today, I suggest expecting a correction and looking for new opportunities to add to your sell trades. Strong resistance are currently Additional Zone [72.52 – 72.44] and Intermediary Zone [73.37 – 73.21]. The target will be today’s low.
WTI trading tips for today:
Gold uptrend continues until Target Zone [1183.3 – 1180.2] is broken through.
Gold is trading down in the short-term; however, Additional Zone [1191.8 – 1191.0] was broken out with consolidation above. It provides an opportunity to trade up in the correction with a target in Intermediary Zone [1200.4 – 1198.8].
I recommend buying aggressively in the broken out AZ and in the new correctional one, at [1187.4 – 1186.6].
If IZ is reached, at first, it will be relevant to look for sales in the current trend.
XAUUSD trading tips for today:
Silver price is drawing a sell pattern in the long-term trend. Sellers are trying to break through level [14.39 – 14.31]. Expect the breakout and look for sell trades.
Silver price is slowly but steadily approaching sell target, Target Zone [14.19 – 14.11]. Yesterday, the local lows of October 8-9 were broken through, so, the resistances should be rearranged.
Now, Additional Zone is at [14.43 – 14.41], and Intermediary Zone is at [14.63 – 14.59]. If these resistances are tested, I suggest you look for sales in the trend according to the pattern.
If AZ is broken out from below, there will be an opportunity to buy.
XAG/USD trading tips for today:
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