Gold price started a deep middle-term correction with a target in Target Zone [1209.4 – 1206.0]

WTI

Oil price reached the first sell target, last week’s low was broken through yesterday. The second target is Target Zone 4 [64.39 – 64.08].

The key resistance has moved to the zone of [68.82 – 68.51].

The short-term uptrend continues, although the price went lower the key support. The US session closed inside the zone, and so it is relevant to look for more buys in the trend.

Buy target will be the local high and Target Zone [68.82 – 68.51]. You must identify a pattern before you open a position.

It will be relevant to sell oil if level 66.28 is broken out with consolidation below. If so, the target will be the lower TZ.

WTI trading tips for today:

Buy according to the pattern in Intermediary Zone [66.44 – 66.28]. TakeProfit: 67.95, Target Zone [68.82 – 68.51]. StopLoss: according to the pattern rules.


XAUUSD

Gold price started a deep middle-term correction with a possible target in Target Zone [1209.4 – 1206.0].

Let’s analyze the situation in the shorter timeframe.

Yesterday, the local trend reversed downwards as Intermediary Zone [1226.4 – 1224.7] was broken out and the US session closed the price below.

For today, it is relevant to sell gold with the main target in Target Zone [1209.4 – 1206.0]. I recommend looking for short trades in both the broken IZ and the new correctional one.

XAUUSD trading tips for today:

  1. Sell in Intermediary in Zone [1226.4 – 1224.7]. TakeProfit: 1215.8, Target Zone [1209.4 – 1206.0]. StopLoss: 1240.7.
  2. Sell in Intermediary in Zone [1234.2 – 1235]. TakeProfit: 1215.8, Target Zone [1209.4 – 1206.0]. StopLoss: 1240.7.

XAGUSD

Silver price was consolidated below level 14.45 and a double top pattern emerged. In the middle-term, one might sell the instrument with the target to break through the September’s low and reach Target Zone 5 [13.67 – 13.59].

The local short-term uptrend continues as the US session closed inside the key support zone[14.48 – 14.44] yesterday. You can open purchases after the yesterday’s local high is broken through with consolidation above. If so, there will be a false breakout pattern.

I remind you the buy targets: the high of October 16 and Target Zone [15.03 – 14.95].

Selling will be relevant when the US session closes below level 14.44. In this case, I suggest selling down to 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 XAUUSD in real time mode

Analysis for oil, gold and silver for 10/31/2018

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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