Gold price closed all major middle-term buy targets. It may grow higher

WTI

Oil middle-term trend reversed downwards. The U.S. session confirmed the trend reversal and closed below Target Zone [73.69 – 73.38] for the second time. TZ 2 [70.59 – 70.28] was reached immediately.

Now, sellers are stepping back from the middle-term support, that is, the price is being corrected. For today and for next week, I suggest looking for position sell trades in the key resistance zone at [73.76 – 73.45].

The short-term downtrend extended yesterday. Gold Zone [72.14 – 71.98] was broken out and Target Zone 2 [70.59 – 70.28] was reached. Now, oil price is approaching the short-term resistance [72.05 – 71.90]. After the zone is tested, look for sell patterns with the target to renew the local low.

Buying will be relevant if IZ is broken out with consolidation above. If so, I suggest you buy WTI up to the upper Target Zone [73.76 – 73.45].

WTI trading tips for today:

Sell according to the pattern in Intermediary Zone [72.05 – 71.90]. TakeProfit: 70.38. StopLoss: according to the pattern rules.


XAUUSD

Gold price closed all major middle-term buy targets. Target Zone 2 [1225.3 – 1222.2] was reached. The further price rise will continue if the buyers break through the strong middle-term resistance to the uptrend.

The short-term trend reversed upwards again. IZ was broken out and TZ was reached with the same momentum yesterday. Gold price consolidated above level 1217.4. Therefore, the next buy target is Gold Zone [1231.4 – 1229.8].

Now, there is a natural local correction after such a rise. The price is testing Additional Zone [1218.6 – 1217.8], and that is the first zone with good prices to look for buys according to the pattern. The second zone is the key support at [1210.8 – 1209.3].

XAUUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [1218.6 – 1217.8]. TakeProfit: 1226.2, Gold Zone [1234 – 1229.8]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1210.8 – 1209.3]. TakeProfit: 1226.2, Gold Zone [1231.4 – 1229.8]. StopLoss: according to the pattern rules.

XAGUSD

Silver price went back to the middle-term resistance. I suggest you wait.

The local trend is downward, and now, traders are testing the key resistance at [14.63 – 14.59]. To sell, you need a patter that hasn’t yet emerged; so, expect until it emerges and sell. Sell targets are the local low and Target Zone [14.19 – 14.11].

If Intermediary Zone is broken out today and the U.S. session closes above, the local trend will reverse upwards, and the target will be the upper TZ [15.03 – 14.95].

XAGUSD trading tips for today:

Sell according to the pattern in Intermediary Zone [14.63 – 14.59]. TakeProfit: 14.25, Target Zone [14.19 – 14.11]. 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 12.10.2018

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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