Trends for metals reversed downwards

WTI

Oil traders develop middle-term downtrend. Downward target is Target Zone 4 [64.39 – 64.08].

The sell pattern was worked out in the local trend yesterday. The resistance was IZ [67.11 – 66.96]. The target was Target Zone [64.89 – 64.58].

The short-term trend reversed downwards, therefore, for today, I recommend looking for short trades if the price is being corrected towards the strong resistances.

Based on the margin zones, good sell prices are in Additional Zone [65.64 – 65.56] and Intermediary Zone [66.49 – 66.34].

WTI trading tips for today:

  1. Sell according to the pattern in Additional Zone [65.64 – 65.56]. TakeProfit: 64.83. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [66.49 – 66.34]. TakeProfit: 64.83. StopLoss: according to the pattern rules.

XAUUSD

Gold price is approaching the key support to the trend Target Zone [1209.4 – 1206.0]. After zone is reached, look for purchases.

The short-term trend is downward and the target is Target Zone [1209.4 – 1206.0]. For today, I suggest the same trading tips as yesterday: sell during the correction towards the broken IZ and the new one.

Alternative scenario: buy XAUUSD if Intermediary Zone [1230.7 – 1229.0] is broken out wit consolidation above. If so, the target will be the upper intermediary zone [1249.4 – 1246.0].

XAUUSD trading tips for today:

  1. Sell in Intermediary in Intermediary Zone [1226.4 – 1224.7]. TakeProfit: 1212.6, Target Zone [1209.4 – 1206.0]. StopLoss: 1237.0.
  2. Sell in Intermediary in Intermediary Zone [1230.7 – 1229.0]. TakeProfit: 1216, Target Zone [1209.4 – 1206.0]. StopLoss: 1237.0.

XAGUSD

Silver price is going down, following the double bottom chart pattern, drawn before. I suggest expecting a correction and open middle-term sell positions.

Main scenario to buy silver according to trading methodology hasn’t worked out. Instead, Intermediary Zone [14.48 – 14.44] was broken out with consolidation below.

Currently, the main scenario suggests looking for sales during the correction towards the broken zone, as well as in the new correctional one with the target in Target Zone [14.12 – 14.05].

XAGUSD trading tips for today:

  1. Sell in Intermediary in Intermediary Zone [14.48 – 14.44]. TakeProfit: 14.24, Target Zone [14.12 – 14.05]. StopLoss: 14.77.
  2. Sell in Intermediary in Intermediary Zone [14.63 – 14.59]. TakeProfit: 14.24, Target Zone [14.12 – 14.05]. StopLoss: 14.77.

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 11/01/2018

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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