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Commodities Trading Ideas: Gold steadies above $1650, oil drops below $84

By Mohammad Shanti
24 Oct,2022
Commodities Trading Ideas: Gold steadies above $1650, oil drops below $84

Gold trades above the bearish channel

Trading Idea: Reversing Higher

Entry Point Stop Loss Take proft 1 Take Profit 2
1652 1642 1670 1678

Comment: Breaching the bearish channel and trading above moving averages favors the rise. However RSI and MACD suggests a reversal

Order Type: Buy Limit

Risk-reward ratio (SL to TP 1):   1:1.8

Risk-reward ratio (SL to TP2):   1:2.62
 

Silver edges higher

Trading Idea: Reversing higher

Entry Point Stop Loss Take proft 1 Take Profit 2
19.20 18.85 19.70 20.11

Comment: Breaching the resistance line and trading above moving averages favors the rise. However RSI and MACD suggests a reversal

Order Type:  Buy Limit

Risk-reward ratio (SL to TP 1):  1:1.42

Risk-reward ratio (SL to TP2):   1:2.62

WTI ranges between $83 and $86

Trading Idea: Ranging

Entry Point Stop Loss Take proft 1 Take Profit 2
83.40 82.00 85.40 87.06

Comment: Trading above the bullish trend line favors the rise. However breaching both the pivot and moving averages is required to confirm the trend.

Order Type: Buy Limit

Risk-reward ratio (SL to TP 1):  1:1.42

Risk-reward ratio (SL to TP2):   1:2.618


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