Margin requirements for oil have been changed. Zones that have not been broken out/reached by the price need rearranging.

WTI

For oil, due to the change in margins, the middle-term resistance has moved to [73.04 – 73.77]. If buyers break out this zone, the next target will be Target Zone 5.

The short-term trend is upward. The key support [72.28 – 72.14] was tested yesterday. Buyers responded, drawing the quotes up yesterday as well. The gap has been closed at the Asian session today. The primary target is renewing the local high and testing Target Zone 4.

Today, continue looking for purchases after the high is renewed. The target will be the nearest resistance at [73.04 – 73.77]. If the US session closes above 73.04, the price is likely to reach the resistance at [75.28 – 75.14].

Today's trading tips for WTI:

Don’t close purchases in Intermediary Zone [72.28 – 72.14]. TakeProfit: 73.77. StopLoss: at breakeven.


XAUUSD

Gold price reached the main target for the middle-term sells, [1241.2 – 1238.1]. Close most of sell positions and be prepared for a possible correction. The key resistance to the trend is now at [1272.0 – 1269.0]. After it is reached, look for a sell pattern.

Let’s study the short-term trend.

Currently, gold is trading down. Target Zone 2 [1247.3 – 1244.2] was broken out yesterday. The next downward target is Gold Zone 2 [1231.8 – 1230.2].

When there is the correction towards the strong resistances, AZ and IZ, look for sells and hold them on down to the target in the zone of today’s low + Gold Zone 2.

If Intermediary Zone [1255.0 – 1253.4] is broken out, the trend will reverse upwards.

Today's trading tips for XAUUSD:

  1. Sell according to the pattern in Additional Zone [1246.5 – 1245.7]. TakeProfit: 1238.7, Gold Zone 2 [1238 – 1230.2]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [1255.0 – 1253.4]. TakeProfit: 1238.7, Gold Zone 2 [1231.8 – 1230.2]. StopLoss: according to the pattern rules.

XAGUSD

Silver price has reached Target Zone 2 [15.82 – 15.75]. The middle-term trend is still downward. If sellers consolidate below level 15.75, the next target will be TZ 3 [15.10 – 15.03].

In the shorter timeframe, the priority downward pattern worked out, reaching TZ2. The local correction can start now. I recommend waiting until the strong resistance zones, Additional Zone [15.92 – 15.90] and Intermediary Zone [16.11 – 16.08] are tested to look for more sells.

It will be relevant to buy, according to the trend, when IZ is broken out and the price is consolidated above. In this case, the target will be in the upper Target Zone [16.51 – 16.44].

Today's trading tips for XAGUSD:

  1. Sell according to the pattern in Additional Zone [15.92 – 15.90]. TakeProfit: Target Zone 2 [15.82 – 15.75]. StopLoss: at breakeven.
  2. Sell according to the pattern in Intermediary Zone [16.11 – 16.08]. TakeProfit: Target Zone 2 [15.82 – 15.75]. 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.
Analysis for oil, gold and silver for 03.07.2018

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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