It is relevant to buy commodities  in the short term 

WTI

Sellers are still holding the key resistance to the trend [53.17 – 52.74]. Look for midd-term sells with a target in Target Zone 9 [47.71 – 47.29].

The short-term trend is still upward. The key resistance, build according to the new margin, has been recently tested. It is in the range of [52.32 – 52.11].

For today, I recommend buying oil according to the pattern with the target to break through the local high at 54.37.

It won’t be relevant to sell until the U.S. session closes below IZ. In this case the target will be the lower Target Zone [50.36 – 49.95].

WTI trading tips for today:

Buy according to the pattern in Intermediary Zone [52.32 – 52.11]. TakeProfit: 54.37. StopLoss: according to the pattern rules.


XAUUSD

Gold price was closed above Target Zone [1233.7 – 1230.3] at one U.S. session. Expect the second one to confirm the trend reversal upwards. If gold traders consolidate the price above today, we shall look for middle-term purchases up to Target Zone 2 [1267.7 – 1264.3] tomorrow.

In the chart of the shorter timeframe, it is clear that buyers broke out Target Zone [1233.7 – 1230.3] yesterday. The target for the next few days will be in Gold Zone [1249.0 – 1247.3]. It will be relevant to buy up to the zone until the key support to the trend is broken out.

Good buy price are in the two margin zones: Additional and Intermediary. After the price tests these zones, I recommend to look for trades according to the pattern. A part of profits can be taken at the renewal of the local high.

XAUUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [1233.4 – 1232.6]. TakeProfit: 1246, Gold Zone [1249.0 – 1247.3]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1220.8 – 1219.1]. TakeProfit: 1241.6, Gold Zone [1224.9 – 1223.2]. StopLoss: according to the pattern rules.

XAGUSD

Silver price is going back from the resistance [14.68 – 14.61]. There are no middle-term signals either to buy or to sell.

Let’s analyze the short-term timeframe.

The local short-term trend is upward. The high of November 21 was renewed yesterday, therefore, large purchases were closed and sell positions were opened.

Currently, silver price is going down. Additional Zone [14.48 – 14.46] has already been tested, it the zone of good buy prices. If there is a pattern in the zone, I recommend buying further in the trend.

The second zone to look for buys is Intermediary Zone [14.30 – 14.26]. If it is reached, do the same as with AZ test.

 

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [14.48 – 14.46]. TakeProfit: 14.65, Target Zone [14.84 – 14.77]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.30 – 14.26]. TakeProfit: 14.65, Target Zone [14.84 – 14.77]. 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 05.12.2018

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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