Oil price reached the next target in the middle-term downtrend. A further decline depends on TZ5 breakout

WTI

In the longer timeframe chart, it is clear that Target Zone 5 [61.29 – 60.98] was reached. The oil price will go lower if the zone is broken out with consolidation below.

Until it occurs, you’d better exit the middle-term sells and be prepared for a possible correction.

In the shorter timeframe, it is clear that Target Zone 2 [61.79 – 61.48] was reached. Sellers need to break the zone out to draw the price lower.

TZ2 is the strong middle-term support, so, a correction may develop from the zone. Correction will be an opportunity to look for new short trades with the target to break through the local low.

WTI trading tips for today:

Sell according to the pattern in Intermediary Zone [63.00 – 62.85]. TakeProfit: Target Zone 2 [61.79 – 61.48]. StopLoss: according to the pattern rules.


XAUUSD

Gold trend hasn’t changed. Traders are accumulating positions.

The short-term trend is upward. Gold price is trading in the broken out Intermediary Zone [1230.7 – 1229.0].

XAUUSD went deep below the support yesterday and today at the Asian session. Some buyers may have got Stop Losses triggered; but it is not the reason to cancel the main scenario to buy.

For today, I suggest looking for a buy signal and hold long trades up to the target in the upper Target Zone [1249.4 – 1246.0]. The key support to the trend is at [1220.4 – 1218.7].

XAUUSD trading tips for today:

  1. Buy according to the pattern in Intermediary Zone [1230.7 – 1229.0]. TakeProfit: 1237.1, Target Zone [1249.4 – 1246.0]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1220.4 – 1218.7]. TakeProfit: 1237.1, Target Zone [1249.4 – 1246.0]. StopLoss: according to the pattern rules.

XAGUSD

Silver is trading flat. I don’t see any middle-term signals either to buy or to sell.

The local short-term trend is upward. The key support at [14.55 – 14.52] was tested yesterday. For today, I recommend focusing on looking for and identifying a buy pattern.

It is not relevant to sell silver until traders break out Intermediary Zone and consolidate below. If so, the short-term trend will reverse downwards and it will be relevant to sell with a target in the lower Target Zone [14.19 – 14.12].

XAGUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [14.55 – 14.52]. TakeProfit: 14.91, Target Zone [15.02 – 14.95]. 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 07.11.2018

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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