Oil key support has been tested at the Asian session today

WTI

Oil price is rising in the uptrend. The nearest upward target is last week’s high. If buyers consolidate above 74.05, the next target will be Target Zone 5 [77.01 – 76.72].

The local trend remains upward. The price has been corrected into the trend key support zone [71.90 – 71.75]. I recommend looking for buys in the zone according to the pattern that can emerge during trading at the European and the US sessions. Buy target is Target Zone [73.91 – 73.61].

Alternative scenario: sell oil down to the lower TZ [70.42 – 70.13]. It will be relevant if the price breaks out level 71.75 and closes below.

Today's trading tips for WTI:

Buy according to the pattern in Intermediary Zone [71.90 – 71.75]. TakeProfit: Target Zone [73.91 – 73.61]. StopLoss: according to the pattern rules.


XAUUSD

Gold is trading in the middle-term downtrend, but, currently, it is being corrected. The correction possible target is the test of Target Zone [1272.0 – 1269.0], where the further trend will be determined.

The short-term trend is upward. The key support [1250.4 – 1248.9] was tested yesterday. The US session closed above, so the zone was held.

Today, the price has been again corrected towards Intermediary Zone, so, I recommend looking for purchases according to the pattern with the target in Target Zone [1272.0 – 1269.0].

Today's trading tips for XAUUSD:

Buy according to the pattern in Intermediary Zone [1250.4 – 1248.9]. Target Zone [1272.0 – 1269.0]. StopLoss: according to the pattern rules.


XAGUSD

Silver middle-term downtrend is developing. Currently, the price is trading above the middle-term support [15.82 – 15.75], which can start the correction. If the price reaches the key resistance TZ [16.51 – 16.44], we will look for sells.

It is clear in the shorter timeframe chart that the short-term trend is still strong. It is downward. The first sell target was reached, the local low was renewed. The next target is last week’s low.

Today, I recommend holding on the positions opened.

If you haven’t opened any positions, I recommend avoiding trading and expecting until either the local low is renewed or Intermediary Zone [16.12 – 16.08] is broken out.

Today's trading tips for XAGUSD:

Don’t close sell positions, opened in Intermediary Zone [16.12 – 16.08]. TakeProfit: 15.75. StopLoss: at breakeven.

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 11.07.2018

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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