Oil traders reached another middle-term buy target [73.86 – 73.55]. Oil price may be corrected now.

WTI

At the end of last week, another buy target was reached in the middle-term uptrend, Target Zone 3 [73.86 – 73.55]. The further growth depends on how the oil buyers will treat the zone.

Anyway, I suggest looking for buys first when the price is corrected towards the key support [70.54 – 70.23].

Let’s analyze the chart with additional margin zones.

The local short-term oil trend is upward, so, it is relevant to buy. On Friday, Gold Zone [72.60 – 72.44]was broken out. The next target is Target Zone 2 [74.30 – 73.99].

Before you look for buys, expect the local correction towards Additional Zone [72.86 – 72.78], first, and then, look for a pattern there. If AZ is broken out and oil traders test the key support [72.09 – 71.93], I suggest selling until the U.S. session closes below 71.93.

WTI trading tips for today:

  1. Buy according to the pattern in Additional Zone [72.86 – 72.78]. TakeProfit: 73.57, Target Zone 2 [74.30 – 73.99]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [709 – 71.93]. TakeProfit: 73.57, Target Zone 2 [74.30 – 73.99]. StopLoss: according to the pattern rules.

XAUUSD

Gold traders tested and geld up the strong support [1183.3 – 1180.2]. THE middle-term trend is upward, and so, I suggest looking for new buys according to the pattern or holding up the opened ones during this week.

The local trend is downward. Last Thursday and last Friday, gold traders were trying to break out Target Zone [1181.7 – 1178.6], but the price correction started instead of the breakout.

Finally, Additional Zone [1189.2- 1188.4] has been broken out today, therefore, the key resistance to the trend at [1197.7- 1196.2] can well be reached by the price.

After Intermediary Zone, I recommend looking for a sell pattern with the target to break through the lows of September 27 -28.

XAUUSD trading tips for today:

  1. Aggressive: buy in Additional Zone [1185.9 – 1185.2]. TakeProfit: Intermediary Zone [1197.7- 1196.2]. StopLoss: 1189.
  2. Sell according to the pattern in Intermediary Zone [1197.7- 1196.2]. TakeProfit: Target Zone [1181.7 – 1178.6]. StopLoss: according to the pattern rules.

XAGUSD

Silver price correction has reached Target Zone [14.68 – 14.61]. Now, it is relevant to go short, aiming at breaking through the September low.

Trading recommendation to buy in IZ has completely worked out, Target Zone [14.68 – 14.61] was reached. The trend is still upward, but it will be possible to mark the next target after the price is consolidated above 14.68.

Until it occurs, the silver price may be corrected, providing potential good entry points to trade in the trend. I recommend silver traders to expect the test of the strong supports and look for buy patterns.

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [14.53 – 14.51]. TakeProfit: 14.70, Gold Zone [15.01 – 14.97]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.35 – 14.31]. TakeProfit: 14.70, Gold Zone [15.01 – 14.97]. StopLoss: according to the pattern rules.

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 01.10.2018

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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