USCrude

Oil price is approaching the key support to the middle-term uptrend [51.71 – 51.32]. After the zone is reached I recommend looking for purchases with the target to break through the high of the last week.

It is clear from the short-term timeframe that the Target Zone [51.71 – 51.32] was already reached. It was followed by the price rebound that tested the resistance Additional Zone [52.76 – 52.66].

The local trend is downward, so we can look for sales with the target to break through the low of February 7. To sell, a pattern is necessary, so we are waiting…

If AZ is broken through, one might trade in the correction up to Intermediary Zone [53.83 – 53.64].

 

USCrude trading tips for today:

  1. Sell according to the pattern in Additional Zone [52.76 – 52.66]. TakeProfit: 571. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [53.83 – 53.64]. TakeProfit: 51.71. StopLoss: according to the pattern rules.

XAUUSD

Gold price is still being corrected. The zone of good buy prices is at [1301.7 – 1288.9].

The short-term trend is upward. The key support has been held and the local resistance at [1312.1 – 1311.3] has been broken through. Based on this, I recommend buying gold in the correction. Stop Loss is best to be put beyond the low of February 7. Buy target may be at the high of January 31.

If the trading idea fails to work out, I suggest the key support breakout and the trend reversal downwards. If so, it will be relevant to look for a sell entry with a target at the lower Target Zone [1292.3 – 1288.9] starting from the next trading day.

 

XAUUSD trading tips for today:

Buy from level 1308.0. TakeProfit: 1326.0. StopLoss: 1300.8.


XAGUSD

Silver price is being corrected in the longer timeframe. Supposedly, the correction target is the trend key support at [15.46 – 15.39]. After the zone is tested, I recommend looking for purchases with the target to break through the high.

Let’s analyze the shorter timeframe. The downtrend with a target at the lower Target Zone [15.46 – 15.39] continues there.

The price is currently testing the strong resistance zone [15.83 – 15.79]. It is the first zone to look for sells according to the pattern. The second zone is Intermediary Zone [16.03 – 15.99].

I suggest the local low as the first sell target, and the second one is in Target Zone [15.46 – 15.39].

Buying won’t be relevant unless Additional Zone [15.83 – 15.81] is broken through; in this case, there will be an opportunity to trade in the correction.

 

XAGUSD trading tips for today:

  1. Sell in [15.83 – 15.79]. TakeProfit: 15.63, Target Zone [15.46 – 15.39]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [16.03 – 15.99]. TakeProfit: 15.63, Target Zone [15.46 – 15.39]. 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 11.02.2019

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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