Silver price reached main buy target. Gold turn is right here

WTI

Gold is trading down in the middle term. For now, the quotes are in good sell price zone. It consists of the broken out TZ3, and the new correctional Target Zone. The total zone borders, to look for sells are [65.14 – 66.97].

If sellers go on driving the price down, the target will be Target Zone 4 [62.84 – 62.59].

The short-term trend is upward. But, currently, oil price is being corrected. Last Friday, traders tested Additional Zone [65.50 – 65.43] and achieved only one buy target, renewed the local high. As the high has been renewed, Additional Zone has moved to new levels, [65.52 – 65.46].

In addition, we can draw the correction resistance up from the local low; there you can cautiously sell the instrument, targeting the key support.

After the price reaches the key support, you’d better start looking for purchases further in the trend. Buy target will be renewing Friday’s high and reaching Target Zone [66.97 – 66.72].

Today's trading tips for WTI:

  1. Aggressive: buy in Additional Zone [65.78 – 65.72]. TakeProfit: Intermediary Zone [64.88 – 64.76]. StopLoss: 66.19.
  2. Buy according to the pattern in Intermediary Zone [64.88 – 64.76]. TakeProfit: Target Zone [66.97 – 66.72]. StopLoss: according to the pattern rules.

XAUUSD

Gold trend hasn’t changed in the longer timeframe.

The short-term trend is still upward. Buy target is Target Zone [1316.2 – 1313.1].

On Friday, the local resistance was broken out, and so, we can add the rest of volume to the purchases and hold on a part of positions up to the high of May 25; and the rest of them up to the main target, indicated above. The common stop order can be put at 1293.0.

Alternative scenario to sell: to go short, we need that sellers break out the key support and consolidate below. If so, the local trend will reverse downwards, and sell target will be in the lower Target Zone [1276.8 – 1273.7].

Today's trading tips for XAUUSD:

  1. Don’t close buys in Intermediary Zone [1292.3 – 1290.7]. TakeProfit: 1307.5. StopLoss: 1293.0.
  2. Buy in the zone of [1297.9 – 1297.1]. TakeProfit: Target Zone [1316.2 – 1313.1]. StopLoss: 1293.0.

XAGUSD

Silver price is going up; but it is going to meet the key resistance to the middle-term downtrend, that has not yet been broken through. To reverse the trend, it is necessary that two US sessions close above level 16.80.

The main target in the local uptrend has been reached, Target Zone [16.93 – 16.85]. The further rise is limited by the strong resistance; therefore, I recommend closing a part of purchases, if not all of them.

As the price will again be testing below zone [16.51 – 16.48]. I recommend looking for purchases, aiming at renewing the local high.

Selling will be available if zone [16.51 – 16.48] is broken out with consolidation below. If so, we’ll sell the metal down to the lower TZ [16.15 – 16.08].

Today's trading tips for XAGUSD:

  1. Buy according to the pattern in Additional Zone [16.70 – 16.68]. TakeProfit: 16.86. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [16.51 – 16.48]. TakeProfit: 16.86. 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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Analysis for oil, gold and silver for 11.06.2018

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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