Metals are still trading down locally. Let’s see how the markets will be affected by the report on the US labour market today

WTI

Oil price tested the key support to the trend - Target Zone [68.05 – 67.74] yesterday. The US session closed at the zone outer border, and so, buyers held the support up. I suggest you continue looking for the middle-term purchases according to the pattern.

The short-term trend is downward. Oil reached Target Zone [68.05 – 67.74] yesterday but sellers couldn’t consolidate below the zone. Therefore, we shall continue looking for sales but only in the strong resistance zones.

It is clear now that oil traders are testing Additional Zone [67.65 – 67.58]. I don’t recommend selling in the zone, you’d better expect the key resistance test and look for sell positions there.

Sell target will be the local low and Gold Zone [66.50 – 66.34].

WTI trading tips for today:

Sell according to the pattern in Intermediary Zone [68.61 – 68.36]. TakeProfit: 66.82, Gold Zone [66.50 – 66.34]. StopLoss: according to the pattern rules.


XAUUSD

XAUUSD price is being corrected in the middle-term downtrend. Expect a signal/pattern in the shorter timeframes to buy. The target will be last week’s high and Target Zone 2 [1225.3 – 1222.2].

Let’s see the short-term trend.

The key resistance at [1206.7 – 1205.1] was tested yesterday. The zone was held, and so, look for new sells according to the pattern. The target will be local low and Target Zone [1183.3 – 1180.2].

If gold buyers break out IZ on the news today and consolidate above, we shall buy XAUUSD next week, and the target will be the upper Target Zone [1223.7 – 1220.6].

XAUUSD trading tips for today:

Sell according to the pattern in Intermediary Zone [1206.7 – 1205.1]. TakeProfit: 1190.0, Target Zone [1183.3 – 1180.2]. StopLoss: according to the pattern rules


XAGUSD

Silver is trading in the middle-term downtrend. Target Zone 4 [14.39 – 14.31] has been broken out this week. The next target is Target Zone 5 [13.67 – 13.59. Expect a correction towards the key resistance and look for sales.

In the shorter timeframe, there is emerging 1-2-3 pattern to sell in Additional Zone [14.16 – 14.14]. The formation will be complete when the price is consolidated below point 1 of the pattern. After that, expect a correction and sell.

The targets will be:

  1. Local low at 13.97
  2. Gold Zone [13.87 – 13.83]

If the sell pattern hasn’t been complete or it doesn’t work out, the silver price may be corrected towards the key resistance at [14.35 – 14.32].

XAGUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [14.16 – 14.14]. TakeProfit: 13.97, Gold Zone [13.87 – 13.83]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [14.35 – 14.32]. TakeProfit: 13.97, Gold Zone [13.87 – 13.83]. 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 07.09.2018

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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