2019-12-20 2017-12-05 Analysis for oil, gold and silver for 05.12.2017 Alex Rodionov 2019-12-202017-12-05

WTI

WTI is being corrected to the last upward momentum of the middle-term trend. The key support is Target Zone [56.67 – 56.44].

In smaller margin zones the local uptrend reversed, hardly having started. This indicated large players’ uncertainty about further quotes movement.

For today, provided a correct signal appears, it’s relevant to sell WTI down to lower Target Zone [56.60 – 56.38]. We look for short positions both in the outbroken Intermediary Zone [57.73 – 57.62] and in the new one.

In case IZ is outbroken and American session closes the price above, we will again look for purchases.

Today’s trading tips for oil:

Sell in zone [57.73 – 57.62]. TakeProfit: Target Zone [56.60 – 56.38]. StopLoss: 58.06. Sell in zone [58.57 – 58.46]. TakeProfit: Target Zone [56.60 – 56.38]. StopLoss: 59.00.

XAUUSD

In long timeframe gold is stuck: during a few weeks it has been trading flat, bordered by the key resistance from above, and by the strong support TZ2 from below. In other words, there is not any distinct trend. So, for intraday trading, let’s address a shorter timeframe.

The short-term local trend is descending. Yesterday, the metal quotes had been traded close to the strong support, Target Zone [1274.5 – 1272.0]. Remember, sell target is level 1270.0.

If November 30th’s low is renewed, the support will be outbroken and the next target will be Gold Zone [1262.2 – 1261.0].

If IZ is held by large players, there will be the key resistance, Intermediary Zone [1283.6 – 1282.4], retest, and then its outbreak and reaching upper TZ [1297.1 – 1294.6] are possible.

Today’s trading tips for gold:

Wait until November 30th’s low is renewed, rearrange the key resistance and look for sells.

XAGUSD

Silver quotes stopped near October 6th’s low, having almost approached the strong middle-term support, Target Zone 2 [16.18 – 16.12]. This support is the main downwards target.

In the smaller margin zones chart, we see an attempt to to renew Friday’s low at 16.22. American session closed the price a little higher the extreme. However, the target remains, and there is a new one, Target Zone 2 [16.18 – 16.12].

Alternative option is buying silver in case players close American session above IZ.

Today’s trading tips for silver:

Don’t close sells in Intermediary Zone [16.54 – 16.51]. TakeProfit: Target Zone 2 [16.18 – 16.12]. StopLoss: at break even.

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.

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