Traders are starting to work. For oil we are retaining buys up to the target. For metals we are looking for favourable entering points.
WTI Oil is trading in the local uptrend. Buy target is Target Zone [48.45 – 48.21]. The key support is Intermediary Zone [46.71 – 46.59]. Having reached it add to the purchases. Alternative option with selling oil can be implemented in case the key support outbreak. Then we will sell the instrument with fixing the profits at lower [45.51 – 45.27.
Trading recommendations for today: Retain purchases from zone [47.13 – 47.01]. TakeProfit 48.19. StopLoss 46.95. Buy from zone [46.71 – 46.59]. TakeProfit 47.86, 48.19. StopLoss 46.11.
GOLD Yesterday gold had been trading above Target Zone 3, but this hardly matters, as there weren’t American traders who are the main market participants. If today Americans confirm the zone outbreak by closing the trading session above, the next buy target will become Gold Zone 3 [1349.6 – 1347.4]. In the opposite case we can first expect the correction to the support zones. The key support of the local uptrend is Intermediary Zone [1318.4 – 1316.3]. Having reached the zone I recommend to look for purchases with targets 1338.8 (yesterday’s high) and GZ 3. Alternative option: outbreak and consolidation below IZ. In this situation we will sell gold with the target of lower TZ [1297.1 – 1292.9.[1297.1 – 1292.9].
Trading recommendations for today: Aggressive: buy from zone [1329.0 – 1327.9]. TakeProfit 1338.8, 1346.9. StopLoss 1323.4. Conservative: buy from zone [1318.4 – 1316.3]. TakeProfit 1338.8, 1346.9. StopLoss 1307.8.
SILVER Silver like gold on Monday was trading above the strong support zone, that is why the next target for traders will be reaching Gold Zone [18.23 – 18.17]. If it doesn't happen, then there will be correction to the instrument price. Because the local trend is upward, favourable ares for purchases are two zones: Additional Zone [17.64 – 17.62] and Intermediary Zone [17.37 – 17.32]. The first buy target will be yesterday’s high renewal at the level 17.90, and the second one will be reaching GZ. We will look for selling silver if the IZ is broken down to the sell. In this case the lower TZ [16.83 – 16.73] is 75% probable to be reached.
Trading recommendations for today: Aggressive: buy from zone [17.64 – 17.62]. TakeProfit 17.90, 18.16. StopLoss 17.49.
Conservative: buy from zone [17.37 – 17.32]. TakeProfit 17.90, 18.16. StopLoss 17.10.
IZ - Intermediary Zone: responsible for changing the priority direction of the price movement.
TZ - Target Zone: a zone that, with a probability of 75%, will be reached after the breakdown of the IZ.
GZ - Gold Zone: zone in the medium-term impulse. All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.