WTI

Oil price has been closed above Target Zone 3 [73.86 – 73.55]. The next growth target is TZ 4 [76.96 – 76.65].

The local oil trend is upward. Oil traders were testing Additional Zone [75.02 – 74.94] yesterday. The zone was held, so, I look for new purchases according to the pattern there. Also, remember about the key support at [74.25 – 74.09].

The trend will reverse if the oil price breaks out IZ and is consolidated below. If so, the target will be the lower Target Zone [72.70 – 72.39].

WTI trading tips for today:

  1. Buy according to the pattern in Additional Zone [75.02 – 74.94]. TakeProfit: Gold Zone 2 [75.70 – 75.54]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [74.25 – 74.09]. TakeProfit: Gold Zone 2 [75.70 – 75.54]. StopLoss: according to the pattern rules.

XAUUSD

There is a pattern to buy gold in the long-term timeframe. It is another proof of the middle-term uptrend. Hold on purchases or open new ones in the correction with a target in Target Zone 2 [1225.3 – 1222.2].

The local trend has reversed upward. The US session closed above IZ [1197.7 – 1196.2] yesterday.

For today, I suggest buying gokd in the correction towards the strong supports, such as Additional Zone [1200.5 – 1199.8] and Intermediary Zone [1192.8 – 1191.2]. A reversal pattern will confirm the purchases the best.

The target is Target Zone [1214.8 – 1211.7]; partial profit-taking is at the renewal of yesterday’s high.

XAUUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [1200.5 – 1199.8]. TakeProfit: 1208.2, Target Zone [1214.8 – 1217]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1198 – 1191.2]. TakeProfit: 1208.2, Target Zone [1214.8 – 1211.7]. StopLoss: according to the pattern rules.

XAGUSD

Silver traders are holding the key resistance of the global downtrend at [14.68 – 14.61]. I suggest you co on looking for a sell pattern. If it emerges, sell with a target to break through September low.

I’ll analyze the short-term trend in XAGUSD 1H chart.

The short-term silver trend is upward. The high of September 28 was broken through yesterday, and silver traders tried to consolidate the price above Target Zone, but they failed. Finally, the US session closed the price in the strong resistance zone. It can result in a deep correction towards Intermediary Zone [14.55 – 14.51].

In any case, I suggest you go on looking for buys at the strong supports. Look for the patterns in the shorter timeframes as an additional confirmation.

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [14.73 – 14.71]. TakeProfit: 14.90, Gold Zone [15.01 – 14.97]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.55 – 14.51]. TakeProfit: 14.90, 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 03.10.2018

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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