Today, the Fed’s rate decision is expected. I recommend protecting the opened positions as much as possible before the news release.

WTI

For oil, we see the response to the key resistance to the trend [70.00 – 69.65]. In oil price chart, there is clear false breakout pattern, so you can look for sells on the correction.

Yesterday, as a result of Intermediary Zone [68.18 – 68.01] breakout, the local trend reversed downwards. Sell target is Target Zone [66.46 – 66.11].

I recommend looking for sells in the correction, and the first zone to open positions is Additional Zone [68.48 – 68.40]. If it is broken out, the price will be corrected towards Intermediary Zone [69.43 – 69.26], where we will also look for sells.

WTI trading tips for today:

  1. Sell in Additional Zone [68.48 – 68.40]. TakeProfit: 67.62, Target Zone [66.46 – 66.1 StopLoss: 68.86.
  2. Sell according to the pattern in Intermediary Zone [69.43 – 69.26]. TakeProfit: 67.62, Target Zone [66.46 – 66.11. StopLoss: according to the pattern rules.

XAUUSD

Gold traders go on accumulating positions between Target Zone 5 [1210.2 – 1207.1] and Target Zone [1245.6 – 1242.5]. We shall watch the response to the news release today.

The local trend is upward, but there is still no buy pattern. Yesterday, the control high of the left shoulder was renewed, but the price wasn’t consolidated above.

Wait until the pattern is complete, and buy only after that.

If IZ is broken out with consolidation below, the trend will reverse downwards, and the at target twill be the lower Target Zone [1204.2 – 1201.1].

XAUUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [1219.7 – 1218.2]. TakeProfit: 1235.0, Target Zone [1245.6 – 1242.5]. StopLoss: according to the pattern rules.


XAGUSD

Silver is trading in the range. Traders are waiting for a driver before they draw the price up or down. We shall wait as well.

As for the local trend, it is upward. Yesterday, there was trading recommendation to buy. Therefore, I recommend holding up purchases up to the first target around July 26 high and up to the second target in Target Zone [15.92 – 15.85]. Before the release of the Fed’s rate decision, I recommend closing a half of purchases, and moving the rest of them to the break even.

The trend will reverse if Intermediary Zone [15.26 – 15.22] is broken out. If so, we will sell silver down to Target Zone [14.90 – 14.82].

XAGUSD trading tips for today:

Don’t close buys in Intermediary Zone [15.26 – 15.22]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. StopLoss: 15.27.

IZ - Intermediary Zone: responsible for the price momentum reversing.
TZ - Target Zone: a zone that is 75% likely to be reached after IZ breakout.
GZ - Gold Zone: zone in the medium-term momentum.
All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.

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Price chart of USCrude in real time mode

Analysis for oil, gold and silver for 01.08.2018

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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