2019-12-20 2017-11-23 Analysis for oil, gold and silver for 23.11.2017 Alex Rodionov 2019-12-202017-11-23

Today is a public and bank holiday in the USA, the Thanksgiving Day. Banks and stock exchanges don’t work. I recommend not to open positions, as there aren't main market participants.

WTI

Oil reversed upwards again, as American trading session closed the price above Target Zone [57.54 – 57.31] yesterday. Now, buy target is Target Zone 2 [59.79 – 59.56].

Due to the middle-term resistance outbreak during American trading session, traders set new local buy target, Gold Zone [58.55 – 58.44].

The correction is likely to start, as a result of which, the key support, Intermediary Zone [56.98 – 56.86],will be reached. In this case, we will look for purchases further in the trend.

Alternative scenario will cause the trend change, because there will be outbreak and consolidation below. If so, we will sell, and set take profit in lower [55.85 – 55.63].

Today's trading tips for oil:

Don’t open any positions, as there aren’t main market participants (public holiday in America).

XAUUSD

Gold quotes slightly drew up, if we look at the long timeframe chart. They are slowly approaching the key resistance within the middle-term downtrend. The resistance borders are [1314.3 – 1309.4].

Gold continues trading in the channel. Now the price is going up to its upper border. A slight correction to the local uptrend enables aggressive traders to look for buys with the target of November 17th’s high renewal and reaching Target Zone [1301.3 – 1298.8].

Good buy prices are:

In the outbroken IZ [1287.8 – 1286.6] In the new correctional Intermediary Zone, which is close to the lower channel border [1282 – 1280.9].

We will sell the metal if the price leaves the channel downwards, or, aggressively, look for sells in Target Zone, but these will be sells in the correction.

Today's trading tips for gold:

Don’t open any positions, as there aren’t main market participants (public holiday in America).

XAGUSD

Silver is trading in the price channel with the middle-term uptrend. Buy target is level 17.41 and Target Zone 2 [17.81 – 17.76].

n the shorter timeframe we see the same price channel. Now the price is in the middle of the range. Trading inside the channel involves risks, so the scenario, suggested below, will suit only aggressive traders.

The short-term trend is downward after the key support was outbroken on November 20th. Now the price is the zone of good selling prices, comprising the outbroken IZ and the new correctional one. In case the sell pattern appears, I recommend selling the instrument down to lower channel border, the second target is Target Zone [16.77- 16.71].

If there isn't a sell signal, the key zone will be outbroken. So, the trend will reverse upwards and the recommendations will be to buy up tot the upper channel border and upper Target Zone [17.46 – 17.41].

Today's trading tips for silver:

Don’t open any positions, as there aren’t main market participants (public holiday in America).

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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