Gold short-term uptrend continues. Buy target is the high of January 31

USCrude

Oil price has tested the key support to the middle-term uptrend. Now, look for a buy signal with a target to break through the yearly high.

Alternative scenario: breakout and consolidation below Target Zone [51.71 – 51.32]. In this case, I suggest selling Crude Oil with a target at TZ 2 [47.81 – 47.42].

Let’s see the short-term trend. The recommendation to sell according to the pattern from Additional Zone [52.76 – 52.66] worked out yesterday. The target was finally reached, the low was broken through.

We arrange the new resistance zones from the new low. Currently, there is AZ [52.24 – 52.14] breakout. It means that a possible target of the developing correction is Intermediary Zone [53.31 – 53.12].

After IZ is reached, we shall carefully watch the price movements. If it is consolidated above the high of February 8, there will be false break out pattern to buy. But it is too early to buy until IZ is broken out. With such a contradiction, you’d better not take hasty decisions and wait for reliable signals.

 

USCrude trading tips for today:

Sell according to the pattern in Intermediary Zone [53.31 – 53.12]. TakeProfit: 51.21. StopLoss: according to the pattern rules.


XAUUSD

Gold continues correction. Good zone to buy is at [1301.7 – 1288.9]. The middle-term trend is upward.

The short-term trend upward, and purchases should be opened now, according to the yesterday’s trading recommendation.

Buy target is the high of January 31. After the high of February 8 is broken through with consolidation above, I suggest moving the positions to the breakeven.

Alternative scenario: Intermediary Zone [1309.3 – 1307.6] breakout and consolidation below at the US session. If so, we’ll have to exit long trades and look for sales down to the lower Intermediary Zone [1309.3 – 1307.6]

 

XAUUSD trading tips for today:

Don’t close buy positions from level 1308.0. TakeProfit: 1326.0. StopLoss: 1300.8.


XAGUSD

Silver price is being corrected in the longer timeframe. The correction target is likely to be at the key support to the trend [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 local short-term trend.

It is downward. Sell target is Target Zone [15.46 – 15.39].

I recommend looking for sales in two resistance zones:

  1. In the zone of [15.83 – 15.79]. These trades should be moved to breakeven.
  2. In the key resistance zone [16.03 – 15.99]. Expect the zone test and then look for a sell pattern.

If Intermediary Zone is broken out, the selling scenario will be canceled and we shall start buying silver.

 

XAGUSD trading tips for today:

  1. Hold down sales from the zone of [15.83 – 15.79]. TakeProfit: 15.63, Target Zone [15.46 – 15.39]. StopLoss: at breakeven.
  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 XAUUSD in real time mode

Analysis for oil, gold and silver for 12.02.2019

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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