Oil has reached the local target. The situation with metals has hardly changed.
WTI Oil quotations rose during yesterday. The trend in long time frame is upward. Middle-term target is is August’s high renewal and reaching Target Zone 2 [50.85 – 50.61]. To detail the entering point let’s turn to a shorter time frame. In the price chart we see the reaching of the local target, which I wrote about yesterday. The short-term trend remains upward, so I recommend to buy oil at the correction to the key support zone which is Intermediary Zone [48.43 – 48.31]. Buy target will be Gold Zone re-test. Alternative scenario for selling will be possible in case traders break through the key support and close the price below level 48.31. If so we will sell oil to lower Target Zone [47.23 – 46.99].
Trading tips for today: Buy from Intermediary Zone [48.43 – 48.31]. TakeProfit: Gold Zone [49.53 – 49.41]. StopLoss: at Stop Zone [47.83 – 47.77].
GOLD For several days at a time gold has been trading above the strong middle-term resistance - Target Zone 3 [1330.4 – 1326.2], which now has become the support. There are still no signs of the uptrend weakening. For positional trading our next target will be Target Zone 4 [1372.9 – 1368.7]. For better current situation understanding, let’s turn to shorter time frames. The situation in this time frame remains unchanged. The local target remains Gold Zone 3 [1349.6 – 1347.4]. Yesterday there was slight correction. If there is correction to the Intermediary Zone [1322.8 – 1320.7] we primarily look for purchases. Selling will be possible in case traders break through the key support IZ and American session closes below this level. Then we will sell the instrument to lower TZ [1301.6 – 1297.3].
Trading tips for today: Buy from Intermediary Zone [1322.8 – 1320.7]. TakeProfit: Gold Zone 3 [1349.6 – 1347.4]. StopLoss: at Stop Zone [1312.2 – 1311.2].
SILVER Concerning silver, middle-term buys are still recommended. Buy target is Target Zone 4 [18.55 – 18.45]. Reaching it can take several weeks. To get a beneficial entering point lets turn to the shorter time frame analysis. Trading wasn’t active yesterday. America closed the price at the same level as on Tuesday. There are clear signs of short-term momentum weakening to buy. That is why I expect correction. The key support for today is Intermediary Zone [17.44 – 17.39]. There are favourable prices to buy the instrument in this zone. We have known the buy target since Tuesday, it is Gold Zone [18.23 – 18.17].
The local trend will change to a downward one in case of the key support outbreak. If it happens we will look for sells to lower Target Zone [16.90 – 16.79].
Trading tips for today: Buy from Intermediary Zone [17.44 – 17.39]. TakeProfit: Gold Zone [18.23 – 18.17]. StopLoss: at Stop Zone [17.17 – 17.14]. 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. SZ - Stop Zone: point of Stop Loss setting, selected statistically. All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.