Oil price is being corrected in the middle-term downtrend. The strong supports are in the zones of [67.49 - 67.18] and [69.18 – 68.87]

WTI

Oil price is being corrected in the middle-term downtrend. Currently, the price is testing the strong resistance at [67.49 – 67.18], however, the best sell prices are in Target Zone [69.18 – 68.87].

The short-term oil trend is upward. Buy target is Target Zone [69.18 – 68.87].

The key support Intermediary Zone [66.44 – 66.28] was tested yesterday. You could have opened purchases there, which should be moved to the breakeven now. The reason is the price return under the strong resistance [67.47 – 67.32].

If buyers are really interested in the price rise, the yesterday’s momentum will continue today and the local high will be broken through. Otherwise, if the key support is retested, I suggest looking for buy patterns.

 

WTI trading tips for today:

Hold on purchases in Intermediary Zone [66.44 – 66.28]. TakeProfit: 67.95, Target Zone [69.18 – 68.87]. StopLoss: at breakeven.


XAUUSD

Gold price is being corrected in the middle-term uptrend. The correction possible target is Target Zone [1209.4 – 1206.0]. After the zone is reached, I recommend looking for a buy pattern.

Let’s see the short-term trend in the charts with additional margin zones. It is upward. Gold price is now testing the key support to the trend at [1226.4 – 1224.7].

If there is a buy pattern, I recommend entering trades with the target to break through the local high and reach Target Zone 2 [1251.7 – 1248.3].

If IZ is broken out from above with consolidation below at the US session, the next trading day, we shall start looking for XAUUSD sales with a target in the lower Target Zone [1209.4 – 1206.0].

 

XAUUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [1226.4 – 1224.7]. TakeProfit: 1243.3, Target Zone 2 [1251.7 – 1248.3]. StopLoss: according to the pattern rules.


XAGUSD

Sliver is still trading down in the middle-term. Selling will be available if there is a pattern/signal.

The key support to the short-term uptrend [14.48 – 14.44] was tested yesterday. The zone was held, and so, I suggest you go on looking for buys according to the pattern. The target is the high of October 16 and Target Zone [15.03 – 14.95].

If IZ is broken out before the US trading session finishes, the momentum will reverse downwards. The upper zone won’t be worked out, and the target will become the lower Target Zone [14.12 – 14.05].

XAGUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [14.48 – 14.44]. TakeProfit: 14.83, Target Zone [15.03 – 14.95]. 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 10/30/2018

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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