Gold price is still being corrected in the middle-term uptrend

WTI

Oil price is rising in the middle-term uptrend. Buy target is Target Zone 2 [70.76 – 70.45]. The key support is at [67.18 – 66.87].

The short-term trend is still upward.

AT the end of last week and yesterday, on Monday, oil traders were testing Additional Zone [69.50 – 69.43], the strong support to the trend. The zone was held, so it is still relevant to by there. I recommend you expect a pattern and buy after it emerges. It will appear if level 70.05 is broken out with consolidation above.

Otherwise, oil price will be corrected down towards the key support at [68.73 – 68.57]. After the zone is reached, I also recommend looking for buys according to the pattern. The target will be Target Zone 2 [70.76 – 70.45].

WTI trading tips for today:

  1. Buy according to the pattern in Additional Zone [69.50 – 69.43]. TakeProfit: 70.27, Target Zone 2 [70.76 – 70.45]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [68.73 – 68.57]. TakeProfit: 70.27, Target Zone 2 [70.76 – 70.45]. StopLoss: according to the pattern rules.

XAUUSD

Gold price is still being corrected. The trend is upward. Good buy price, according to the middle-term trading, are in the range of [1194.3 – 1180.2].

Let’s study the situation in more detail in the shorter timeframe.

The key support [1198.8 – 1197.3] at has been tested for a few days there. The price hasn’t been closed below the zone, so the uptrend remains.

We need a pattern to buy. I don’t yet see a pattern, so, I recommend you to monitor the situation. If IZ is broken out, we shall start selling gold down to the lower Target Zone [1183.3 – 1180.2].

XAUUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [1198.8 – 1197.3]. TakeProfit: 1214.0, Target Zone 2 [1225.3 – 1222.2]. StopLoss: according to the pattern rules.


XAGUSD

Silver price is still trading in the zone of local lows in the shorter timeframe. I recommend looking for new sells if the Target Zone 4 [14.39 – 14.31] is broken out with consolidation below. If the zone is held and there is a reversal buy pattern, you can trade in they correction up to the upper TZ [15.08 – 15.00].

The short-term trend is downward. Sell target is Target Zone [14.23 – 14.16].

I recommend looking for sells either in Additional Zone [14.54 – 14.52], or in Intermediary Zone [14.74 – 14.70]. A part of profits can be fixed at the local low.

The trend will reverse upwards if silver price breaks out level 14.74 and consolidates above. If so, I suggest looking for purchases up to the upper TZ [15.14 – 15.06].

XAGUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [14.54 – 14.52]. TakeProfit: 14.35, Target Zone [14.23 – 14.16]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [14.74 – 14.70]. TakeProfit: 14.35, Target Zone [14.23 – 14.16]. 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 XAUUSD in real time mode

Analysis for oil, gold and silver for 04.09.2018

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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