A medium-term uptrend continued for oil yesterday, driven by news on oil reserves. As a result, we saw a breakout of  Target Zone 2 [67.25 – 66.91] and a new local extremum.

The next target of bears will be Target Zone 3 [63.80 – 63.46], while the key resistance moves to [69.60 – 69.26].

The news had an effect on the local trend. The Intermediary Zone [67.43 – 67.25] was broken out yesterday. It means, the trend is downward now, and the target is Target Zone [65.70 – 65.36].

I recommend selling the tool once Additional Zone [66.76 - 66.67] has been reached. Another level for looking for sales is correction IZ [67.71 – 67.53]. A pattern to sell should be searched for from there.

For buying, a breakout of the level 67.71 and closure above it are required.


WTI  Trading decisions for today:  

  1. Sell from Additional Zone [66.76 - 66.67]. TakeProfit: Target Zone [65.70 – 65.36]. StopLoss: 67.12.
  2. Sell according to the pattern from Intermediary Zone [67.71 – 67.53]. TakeProfit: Target Zone [65.70 – 65.36]. StopLoss: According to pattern rules


Buyers don’t let the price drop below Target Zone 5 [1210.2 – 1207.1],  but the downtrend continues. Correction towards the key resistance [67.71 – 67.53] is highly probable now.

The local short-term trend remains downward, but there are some preconditions for a change: an accumulation zone formed between IZ and TZ on a shorter time frame. An upward exit will be likely to result in the breakout of the resistance.

Wait and don’t hurry to open trades. If IZ [1221.6 – 1220.0] is broken, we’ll be buying XAUUSD on the next trading day. If the zone is held and a pattern to sell is formed, we’ll be selling within the current trend with a target at  [1204.2 – 1201.1] (target zone).


XAUUSD Trading decisions for today: 

Sell according to the pattern from Intermediary Zone [1221.6 – 1220.0]. TakeProfit: Target Zone [1204.2 – 1201.1]. StopLoss: According to pattern rules


Traders in silver continue building positions. The key resistance is at [15.92 – 15.85]. Once it’s reached, look for sales.

The local trend remained unchanged: “Buy” priority with a target in the Target Zone [15.92 – 15.85].

For today, I recommend holding long positions with stop loss at 15.23. Partial fixation at the update of July’s peak.

Alternative scenario: sell XAGUSD after a breakout of Intermediary Zone [15.26 – 15.22]. The lower TZ [14.90 – 14.82] will be a target in this situation.


XAGUSD Trading decisions for today:  

Hold long positions from Intermediary Zone [15.26 – 15.22]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. StopLoss: 15.23.


IZ - Intermediary Zone - Reflects changes in priority directions of price movements 

TZ - Target Zone - The zone which will be reached with a 75% chance once IZ has been broken through. 

GZ - Gold Zone - The zone in a medium-term impetus 

All the zones are calculated based on a daily average movement and margin requirements of the futures market.

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Price chart of USCrude in real time mode

Analysis for oil, gold, and silver for 09.08.2018

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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