Gold price continues rising towards the upper Target Zone. Hold on purchases

WTI

Oil price tested the key support to the middle-term uptrend [70.91 – 70.61] at the end of last week. Therefore, the quotes are rising now.

The growth target is Target Zone 4 [74.66 – 74.37].

Oil short-term trend is downward; traders are testing the key resistance to the trend [72.29 – 72.14] now. Therefore, last weeks’ low can be renewed.

Selling will be relevant after the price returns below the resistance zone and a pattern emerges. In this case, sell with the target in Target Zone [70.91 – 70.61].

If the US session closes above IZ today, the trend will reverse upwards. In this case, the target will be in the upper Target Zone [73.91 – 73.61].

Today's trading tips for WTI:

Sell according to the pattern in Intermediary Zone [72.29 – 72.14]. TakeProfit: Target Zone [70.91 – 70.61]. StopLoss: according to the pattern rules.


XAUUSD

Gold continues trading down in the middle term. The key resistance is at [1272.0 – 1268.9]. After the resistance zone is reached, look for sells.

The short-term trend is upward. Last week, traders were testing the support zone [1255.0 – 1252.6], accumulating buy positions. This week, the price is likely to rise targeting Target Zone [1272.0 – 1268.9].

The key support to the trend is at [1245.6 – 1244.0]. After the zone is reached, look for buys.

Today's trading tips for XAUUSD:

Don’t close purchases in the price zone of [1255.0 – 1252.6], or buy during the correction to the last buy momentum. TakeProfit: Target Zone [1272.0 – 1268.9]. StopLoss: 1252.18.


XAGUSD

Silver is trading in the middle-term downtrend. The first sell targets were reached. Now, the instrument price is being corrected. The correction possible target is Target Zone [16.51 – 16.44].

The short-term trend is downward, but the price has reached the local high and renewed it. The extreme is in Intermediary Zone [16.11 – 16.08]; so, buying silver will be relevant if the zone is broken out and the price is closed above level 16.11.

If IZ is held, we will continue looking for sells according to the pattern in the current trend, sell target will be July 2nd low.

Today's trading tips for XAGUSD:

Sell according to the pattern in Intermediary Zone [16.11 – 16.08]. TakeProfit: Target Zone 2 [15.82 – 15.75]. 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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Analysis for oil, gold and silver for 09.07.2018

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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