Oil quotes are trading between Target Zone 2 [70.76 - 70.45] and the key support to the trend at [68.05 – 67.74]. The middle-term trend is upward.
Oil is trading down in the short-term. Oil traders were testing Intermediary Zone [69.50 – 69.34] yesterday. The zone was held and a sell pattern has emerged.
For today, I suggest you wait the price correction against the yesterday’s downward momentum and sell WTI with a target in Target Zone [67.83 – 67.52].
WTI trading tips for today:
Sell at 68.87. TakeProfit: Target Zone [67.83 – 67.52]. StopLoss: 69.51.
XAUUSD
Gold is again trading in the zone of good buy prices. I suggest you go on looking for a buy signal to go long.
Let’s see the local trend. Gold is trading down in the short-term, as IZ [1197.2 – 1195.6] was broken out with consolidation on Friday.
Additional Zone [1201.3 – 1200.5] was being tested yesterday. The zone is the strong resistance, so, I suggest looking for sells according to the pattern there. The second zone to look for sales is Intermediary Zone [1209.8 – 1208.3], it is the key resistance to the trend
The first target in both cases will be the local low, the second one - Target Zone [1181.7 – 1178.6].
XAUUSD trading tips for today:
- Sell according to the pattern in Additional Zone [1203 – 1200.5]. TakeProfit: 1193.1, Target Zone [1187 – 1178.6]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [1209.8 – 1208.3]. TakeProfit: 1193.1, Target Zone [1181.7 – 1178.6]. StopLoss: according to the pattern rules.
XAGUSD
Silver is trading at about $14 per ounce. The middle-term trend is downward; however, before you open sell position, I recommend expecting good sell prices in the key resistance zone [14.68 – 14.61] and looking for a pattern.
Silver is trading down in the short-term.
The key resistance [14.29 – 14.25] was tested last week, it was held. There was an opportunity to enter sells yesterday. The next local low was reached.
For today, I suggest moving stop-loss above the yesterday’s high. If the silver price goes up and breaks through IZ, I recommend looking for buys with a target in the upper Target Zone [14.68 – 14.61].
XAGUSD trading tips for today:
Hold on sell positions according to the pattern in Intermediary Zone [14.29 – 14.25]. TakeProfit: Gold Zone [13.87 – 13.83]. StopLoss: 14.21.
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.