Oil is trading in the local support zone. Upward trend continues. Precious metals price is also rising.
WTI Oil continues middle-term uptrend, and the price is still growing. A little more time is needed to renew August’s high.Let’s analyze the situation in a shorter time frame. Yesterday little changed; Gold Zone [49.53 – 49.41] was re-tested, but the local high wasn't renewed. American session closed at the same levels as on Wednesday. At the moment oil is trading in the resistance zone (GZ). In case of its outbreak, the price will move towards the next target, Target Zone 2 [50.85 – 50.61]. If the resistance is held, then the correction is inevitable. In case of correction to Intermediary Zone [48.43 – 48.31, I recommend to look for purchases in the continuation of the buy momentum. In case of outbreak and consolidation below the key support, reverse and sell to lower TZ [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 Gold quotations continue steady middle-term growth. The nearest buy target is Target Zone 4 [1372.9 – 1368.7. When detailing in a shorter time frame with the help of additional zones, we understand that yesterday the next local target, Gold Zone 3 [1349.6 – 1347.4] was reached. American session closed in the zone. If today traders close the price above this zone, this will set the next buy target in the local uptrend, Target Zone 4 [1372.9 – 1368.7]. The key support is Intermediary Zone [1336.0 – 1333.9]. Having reached it I recommend to look for purchases with targets of GZ 3 и TZ 4. Alternative option for gold selling will be considered if bears mange to break through the key support and consolidate below. In this situation sell the metal and set take profit at the lower middle-term support [1314.8 – 1310.5].
Trading tips for today: Buy from Intermediary Zone [1336.0 – 1333.9]. TakeProfit: Gold Zone 3 [1349.6 – 1347.4], Target Zone 4 [1372.9 – 1368.7]. StopLoss: at Stop Zone [1325.4 – 1324.3].
SILVER Silver is trading in a middle-term uptrend, and at the moment the price is approaching the resistance zone Target Zone 4 [18.55 – 18.45]. I recommend to close the most of buy positions in this zone and be ready for correction. Let’s turn to a shorter time frame. The next target in the local uptrend has just been reached, it is Gold Zone [18.23 – 18.17]. This zone is the strong resistance. The key resistance is Intermediary Zone [17.64 – 17.59], which is based on the current high. If bears test this zone I recommend to look for purchases along the trend. Buy target is still Gold Zone. Alternative scenario: Sell silver in case American session closes below level 17.59. The target is lower Target Zone [17.10 – 17.00].
Trading tips for today: Buy from Intermediary Zone [17.64 – 17.59]. TakeProfit: Gold Zone [18.23 – 18.17]. StopLoss: at Stop Zone [17.37 – 17.34].
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.