Oil traders held the middle-term support. Gold is again trading in the zone of good buy prices

WTI

For oil, the key support to the middle-term uptrend was held: sellers couldn’t consolidate below 67.74. Therefore, I suggest you go on looking for buy positions with the target to renew last week’s high and draw the price up to Target Zone 3 [73.86 – 73.55].

The local trend is still downward. Last Friday, oil price broke through the local low after Additional Zone [67.66 – 67.58] test, but sellers couldn’t drive the price down Gold Zone [66.50 – 66.34].

Before the trading session closed, the WTI quotes had been corrected towards Intermediary Zone [68.42 – 68.27]. The zone has been reached at the Asian session today, but there hasn't yet emerged a sell pattern.

For now, I suggest two trading scenarios: sell according to the pattern in IZ with a target in Gold Zone [66.50 – 66.34], or buy oil in the correction in AZ [67.51 – 67.43] with the target at today’s high.

WTI trading tips for today:

  1. Sell according to the pattern in Intermediary Zone [68.42 – 68.27]. TakeProfit: 66.75, Gold Zone [66.50 – 66.34]. StopLoss: according to the pattern rules.
  2. Aggressive: buy in Additional Zone [67.51 – 67.43]. TakeProfit: Intermediary Zone [68.42 – 68.27]. StopLoss: 67.10.

XAUUSD

Gold traders start the week wit accumulating positions. Gold price is now trading in the zine of good buy prices [1194.3 – 1180.2]. As the middle-term is upward, I would recommend looking for a buy pattern and buying with a target in TZ 2 [1225.3 – 1222.2].

The local momentum is downward. After Intermediary Zone [1206.7 – 1205.1], the key resistance, test, sellers responded accordingly. Finally, a sell pattern 1-2-3 emerged.

For today, I wouldn’t recommend hopping into a leaving train. I suggest waiting for a new trading opportunity to sell at the best prices.

Alternative scenario to buy: the key resistance break out and closing the price above at the U.S. session.

XAUUSD trading tips for today:

Expect.


XAGUSD

Silver price is moving towards Target Zone 5 [13.67 – 13.59] in the middle-term trend. It is suggested by the margin zones approach.

The key resistance to the trend where there are the best sell prices is in the range of [14.75 – 14.68]. I recommend expecting the zone test and looking for sells.

The local trend is downward. Silver traders were testing Additional Zone [14.16 – 14.14], the strong resistance, last week. They couldn’t break out the zone, so, I suggest looking for sells according to the pattern.

The pattern will emerge if the local low is broken through and the price is consolidated below. After that, expect a correction and sell with the first target at the last week's low and the second one in Gold Zone [13.87 – 13.83].

If XAGUSD is being corrected deeper, towards Intermediary Zone [14.35 – 14.32], we shall look for sells according to the same rules and with the same targets.

 

XAGUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [14.16 – 14.14]. TakeProfit: 13.97, Gold Zone [13.87 – 13.83]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [14.35 – 14.32]. TakeProfit: 13.97, Gold Zone [13.87 – 13.83]. 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 10.09.2018

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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