WTI

Oil traders reached Target Zone 4 [64.39 – 64.08]. As the zone wasn’t broken out, oil price may be corrected towards the key resistance [66.57 – 66.26].

Oil short-term downtrend continued and Target Zone [64.89 – 64.58] was broken out yesterday. After that, Gold Zone [63.34 – 63.18].

GZ was held and the price is being corrected up after the yesterday’s drop. If the quotes reach Intermediary Zone [64.86 – 64.71], I recommend selling oil according to the pattern with the target to renew yesterday’s low.

WTI trading tips for today:

Sell according to the pattern in Intermediary Zone [64.86 – 64.71]. TakeProfit: 63.22. StopLoss: according to the pattern rules.


XAUUSD

Gold sellers couldn’t draw the price down to Target Zone [1209.4 – 1206.0], and buyers took the lead and returned the quotes above TZ 2 [1228.6 – 1225.2]. The middle-term uptrend continues. Look for buys in the shorter timeframes.

Downward pattern didn’t work out for gold. So, the local trend reversed upwards and IZ was broken out with consolidation.

Starting from today, it is relevant to look for new purchases with a target in Target Zone [1249.4 – 1246.0]. Zones to look for buy signals are both the broken out zone and the key support at [1220.4 – 1218.7].

XAUUSD trading tips for today:

  1. Buy according to the pattern in Intermediary Zone [1230.7 – 1229.0]. TakeProfit: 1237.1, Target Zone [1249.4 – 1246.0]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1220.4 – 1218.7]. TakeProfit: 1237.1, Target Zone [1249.4 – 1246.0]. StopLoss: according to the pattern rules.

XAGUSD

Silver buyers don’t give up, and the key resistance [14.68 – 14.61] is being tested again. If silver price is consolidated above the zone, I suggest buying the precious metal again.

The situation in the shorter timeframe looks like that for gold. The main scenario to sell hasn’t worked out and the breakout of the key resistance [14.63 – 14.59] instead.

Therefore, the local trend reversed upwards, and it is relevant to look for purchases during the correction. The buy target will be Target Zone [15.02 – 14.95].

XAGUSD trading tips for today:

  1. Buy according to the pattern in Intermediary Zone [14.63 – 14.59]. TakeProfit: 14.81, Target Zone [15.02 – 14.95]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.46 – 14.42]. TakeProfit: 14.81, Target Zone [15.02 – 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 11/02/2018

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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