Oil price reached the key support to the middle-term uptrend

WTI

Oil price reached the key support to the middle-term uptrend [73.69 – 73.38] on Friday. Starting from today, it is relevant to look for purchases with the target to break through the local high.

The short-term oil trend is downward. Sellers reached another target on Friday. The further decline will depend on the bears’ ability to break through the strong support Target Zone.

If the oil price is being corrected towards the local resistances, Additional Zone [74.31 – 74.23] and Intermediary Zone [75.16 – 75.01], first, look for sales according to the pattern. The target will be at the local low.

WTI trading tips for today:

  1. Sell according to the pattern in Additional Zone [74.31 – 74.23]. TakeProfit: Target Zone [73.69 – 73.38]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [75.16 – 75.01]. TakeProfit: Target Zone [73.69 – 73.38]. StopLoss: according to the pattern rules.

XAUUSD

Gold price has drawn a buy pattern in the long-term timeframe and is now being corrected. When 50% Fibonacci is reached, I recommend those, who haven’t yet open buys, to look for purchases. The target for middle-term buy positions will be in Target Zone 2 [1225.3 – 1222.2].

Let’s see the local gold trend. The trend is upward. The target is in Target Zone [1214.8 – 1211.7].

XAUUSD price is now being corrected with the target in Intermediary Zone [1192.8 – 1191.2]. AS soon as it reaches the key support, I suggest looking for buy positions according to the pattern.

The trend will reverse downwards if the price breaks out IZ is closed below. If so, I can suggest the price should go down to the lower Target Zone [1177.3 – 1174.2].

XAUUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [1192.8 – 1191.2]. TakeProfit: 1208.2, Target Zone [1214.8 – 1211.7]. StopLoss: according to the pattern rules.


XAGUSD

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

The local silver short-term trend is downward.

Intermediary Zone [14.55 – 14.51] has been tested at the Asian session today and the Friday’s low has been broken through at the same time.

If it is the zone false breakout, the silver price will move back above the key support and we will look for a buy pattern. If the U.S. session closes below 14.51, we shall sell silver the next day.

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 USCrude in real time mode

Analysis for oil, gold and silver for 08.10.2018

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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