Oil is trading flat locally. Middle-term trend remains upward

USCrude

Oil price is being corrected down in the middle-term uptrend. If the key support [53.34 – 52.91] is tested, I recommend considering purchases according to the pattern with a target to update the local high.

In the shorter timeframe, oil is trading flat between the key resistance [56.87 – 56.68] and the strong support [55.48 – 55.27]. The downtrend prevails, so it is still relevant to sell. Sell target is to break through the low of February 26 and to test the lower Target Zone [53.56 – 53.17].

If the market moves according to the alternative scenario and Intermediary Zone is broken out, on the next trading day, we shall start buying oil with a take profit at [59.02 – 58.63].

 

USCrude trading tips for today:

Sell according to the pattern in Intermediary Zone [56.87 – 56.68]. TakeProfit: 54.75, Target Zone [53.56 – 53.17]. StopLoss: according to the pattern rules.


XAUUSD

Gold is trading at the lows. The middle-term trend is downward. Expect a correction to sell at good prices. I indicated the sell targets in the previous analytical review.

Let’s see the short-term chart. It is clear that the short-term downtrend is gradually slowing dodwn. Yesterday, the resistance Additional Zone [1290.5 – 1289.6], where I suggested selling, was tested. The target for the trades is to break through the local low and to test Target Zone 2 [1278.7 – 1275.3].

Taking into account quite a high likelihood of a correction, I recommend moving the short trades to the breakeven; and, if Intermediary Zone [1299.8 – 1298.1] is tested, looking for sells according to the pattern with the same targets.

If the low is renewed, we shall rearrange the resistance zones.

 

XAUUSD trading tips for today:

  1. Don’t close short positions in Additional Zone [1290.5 – 1289.6]. TakeProfit: 1284, Target Zone 2 [1278.7 – 1275.3]. StopLoss: at breakeven.
  2. Sell according to the pattern in Intermediary Zone [1299.8 – 1298.1]. TakeProfit: 1281.4, Target Zone 2 [1278.7 – 1275.3]. StopLoss: According to the pattern rules.

XAGUSD

Silver middle-term downtrend is developing, there are yet no signs of a correction. Well, let’s wait.

Major sell target is Target Zone 2 [14.77 – 14.70].

In the shorter timeframe, it is clear that silver price has found a support at Gold Zone [15.13 – 15.09]. To drive the price lower, sellers need to break the zone through and consolidate below at the US session. If so, the next target will be Target Zone 2 [14.77 – 14.70].

Until it occurs, a correction may develop, which will potentially provide good prices to trade in the trend. The strong resistances, where I recommend looking for sells today, are Additional Zone at [15.23 – 15.21] and Intermediary Zone [15.43 – 15.39]. The latter contains the trend border.

 

XAGUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [15.23 – 15.21]. TakeProfit: 15.04. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [15.43 – 15.39]. TakeProfit: 15.04. 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 07.03.2019

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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