According to margin zones, gold local trend reversed

WTI

Oil quotes moved a little away from the key support to the middle-term uptrend [73.69 – 73.38]. I suggest looking for a buy signal in the shorter timeframes.

In the shorter timeframe, oil is still trading in the short-term downtrend. Currently, oil price is trading in the key resistance zone [74.71 – 74.55].

Therefore, you might want to buy oil in the short term with a target to renew yesterday’s low. Look for a reversal pattern in the chart and open sell positions with a stop loss, according to the patetrn rules.

If the U.S. session closes above IZ, sells will be canceled and we shall look for buys.

WTI trading tips for today:

Sell according to the pattern in Intermediary Zone [74.71 – 74.55]. TakeProfit: 73.07, Gold Zone [72.14 – 71.98]. StopLoss: according to the pattern rules.


XAUUSD

Gold sellers have reached 50% correction from the last buy momentum. The low of September 28th hasn’t been touched, so, it is still relevant to hold up purchases.

According to margin zones, gold local trend has reversed. The U.S. session confirmed the key support [1192.8 – 1191.2] breakout and closed below yesterday. Now, it is relevant to sell with a target in the lower [1177.3 – 1174.2].

I recommend looking for sells strictly according to the pattern as there is the oppositions of two trend types at the moment. I suggest good zones to look for sells be Additional Zone and Intermediary Zone.

XAUUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [1199 – 1191.1]. TakeProfit: 1183.8, Target Zone [1177.3 – 1174.2]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [1200.4 – 1198.9]. TakeProfit: 1183.8, Target Zone [1177.3 – 1174.2]. StopLoss: according to the pattern rules.

 


XAGUSD

XAGUSD is still trading in the middle-term downtrend . Look for sells according to the pattern in the key resistance zone [14.68 – 14.61].

Intermediary Zone [14.55 – 14.51] was tested and broken out yesterday. The local trend reversed downwards.

Sell target is now the lower Target Zone [14.19 – 14.11]. Look for trades during the test of the strong resistances, Additional Zone and Intermediary Zone. If the test is successful, I suggest closing a half of the positions at the local low renewal.

Alternative scenario: buying silver. It will be relevant if the decreasing scenario doesn’t work out and the key resistance is broken through.

XAGUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [14.46 – 14.44]. TakeProfit: 14.27, Target Zone [14.19 – 14.11]. StopLoss: according to the pattern rules
  2. Sell according to the pattern inIntermediary Zone [14.66 – 14.62]. TakeProfit: 14.27, Target Zone [14.19 – 14.11]. 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 09.10.2018

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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