Gold price is being corrected after the rise in the middle-term upward momentum. Those, who haven’t yet opened position purchases, have a good opportunity to buy XAUUSD in the 50% correction

WTI

Oil price is being corrected in the long-term timeframe. The correction is likely to reach the key support at [73.69 – 73.38]. I recommend looking for new purchases in the zone.

Oil local trend reversed downwards yesterday. Intermediary Zone [75.24 – 75.08] was broken out with consolidation below.

I suggest you look for sales either in Additional Zone [74.67 – 74.59] or in Intermediary Zone [75.52 – 75.37], according to pattern in the shorter timeframes.

WTI trading tips for today:

  1. Sell according to the pattern in Additional Zone [74.67 – 74.59]. TakeProfit: Target Zone [73.69 – 73.38]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [75.24 – 75.08]. TakeProfit: Target Zone [73.69 – 73.38]. StopLoss: according to the pattern rules.

XAUUSD

Gold price is being corrected after the rise in the middle-term upward momentum. Those, who haven’t yet opened position purchases, have a good opportunity to buy XAUUSD in the 50% correction.

The short-term momentum is upward. Now, gold price is being corrected with the target to test the key support at [1192.8 – 1191.2].

Yesterday, I recommended aggressive selling. If you followed it, I suggest you hold on the trades up till the targets and move stop loss to the breakeven.

When Intermediary Zone is reached, I suggest buying according to the pattern in the trend extension.

XAUUSD trading tips for today:

  1. Don’t close sell positions in Additional Zone [1204.5 – 1203.7]. TakeProfit: 1196.3, Intermediary Zone [1192.8 – 1192]. StopLoss: at breakeven.
  2. Buy according to the pattern in the zone of [1200.5 – 1191.2]. TakeProfit: 1208.2, Target Zone [1214.8 – 1211.7]. StopLoss: according to the pattern

XAGUSD

Silver sellers are holding the key resistance zone [14.68 – 14.61] of the downtrend. It is still relevant to look for sales.

Intermediary Zone [14.55 – 14.51] was tested at the end of U.S. trading session yesterday. The support was held, so we shall focus on looking for buys today. I suggest buying after there is a corredponding signal according to technical analysis.

If Intermediary Zone is broken out from above, the short-term trend will reverse downwards, and the target will be Target Zone [14.19 – 14.11].

XAGUSD trading tips for today:

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 XAUUSD in real time mode

Analysis for oil, gold and silver for 05.10.2018

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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