WTI

Oil buyers held the key support to the middle-term uptrend. It resulted in a sharp surge of oil prices. The upward momentum target is renewal of the last week’s high and Target Zone 3 [73.86 – 73.55] test.

The short-term trend reversed upwards, as a result of the IZ breakout and reaching TZ [70.13 – 69.82]. The yesterday’s aggressive trading recommendation has completely worked out.

For today, I suggest looking for buys with the target to renew the local high and reach Gold Zone [71.52 – 71.37]. I recommend you to look for buys during the corrections towards strong supports, Additional Zone [69.11 – 69.03] and Intermediary Zone [68.34 – 68.18].

WTI trading tips for today:

  1. Buy according to the pattern in Additional Zone [69.11 – 69.03]. TakeProfit: 69.85, Gold Zone [752 – 71.37]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [68.34 – 68.18]. TakeProfit: 69.85, Gold Zone [71.52 – 71.37]. StopLoss: according to the pattern rules.

XAUUSD

Gold price is being corrected in the middle-term trend. Now, gold price is in the zone of ggod buy prices. Expect a pattern and open long positions.

Let’s study the situation in detail in the shorter timeframe.

The short-term trend is downward. The first sell target in the key resistance zone [1206.7 - 1205.1] was reached, and now gold traders should target Target Zone [1183.3 – 1180.2] to completely work out the main scenario.

Yesterday and today, gold buyers have been testing Additional Zone [1196.3 – 1195.5]. TEH zone is still being held, but whether they will succeed for long in not clear. At least, I don’t see any sell patterns.

If the correction continues and gold price reaches the key resistance Intermediary Zone [1204.8 – 1203.2], I suggest looking for new sells.

XAUUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [1196.3 – 1195.5]. TakeProfit: 1188.0, Target Zone [1183.3 – 1180.2]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [1204.8 – 1203.2]. TakeProfit: 1188.0, Target Zone [1183.3 – 1180.2]. StopLoss: according to the pattern rules.

XAGUSD

Silver price is moving towards Target Zone 5 [13.67 – 13.59] in the middle-term trend. It is suggested by the margin zones approach.

The key resistance to the trend where there are the best sell prices is in the range of [14.68 – 14.61]. I recommend expecting the zone test and looking for sells.

Yesterday, the previous local low of September was renewed; the first sell target in Additional Zone [14.16 – 14.14] was completed. Now, the price is trying to go up and test the new AZ [14.09 – 14.07]. I suggest looking for sales according to the pattern.

The second zone to look for sales is the key resistance at [14.29 – 14.25]. If it is held, the downtrend will continue. If the zone is broken out with consolidation above, the local trend will reverse upwards, and the target will be Target Zone [14.68 – 14.61].

XAGUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [14.09 – 14.07]. TakeProfit: Gold Zone [13.87 – 13.83]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [14.29 – 14.25]. TakeProfit: Gold Zone [13.87 – 13.83]. 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 12.09.2018

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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