WTI

Oil price broke out and consolidated below Target Zone 5 [61.29 – 60.98] on Friday. Now, if it moves lower, the main target will be TZ 6 [58.19 – 57.88]. I recommend you look for sell trades in the broken out zone, and in the key resistance at [62.66 – 62.35].

The local short-term trend continues, and Gold Zone 2 [60.24 – 60.08] was broken out. Currently, oil price is trading in the key resistance zone of [60.95 – 60.80]. I recommend looking for new sales according to the pattern with the main target in Target Zone 3 [58.69 – 58.38].

I should also note that the market was opened with a gap, so the price is likely to move back to the level it was closed on Friday.

If Intermediary Zone is broken out during today or tomorrow, the next trading day, we shall start looking for buys towards the upper TZ [62.66 – 62.35]. it is an alternative scenario.

WTI trading tips for today:

Sell according to the pattern in Intermediary Zone [60.95 – 60.80]. TakeProfit: 59.30, Target Zone 3 [58.69 – 58.38]. StopLoss: according to the pattern rules.


XAUUSD

Gold price has tested the key support to the middle-term uptrend at [1209.4 – 1206.0]. Continue looking for middle-term purchases with the target to renew October monthly high and reach Target Zone 3 [1262.6 – 1259.2].

In the shorter timeframe, it is clear the that the previous main scenario to buy hasn’t worked out as the positive news on the dollar was published on Thursday. Finally, the gold short-term trend reversed downwards.

Currently, it is relevant to look for sales down to the lower Target Zone [1203.4 – 1200.0].

Strong resistances to look for short trades are Additional Zone [1216.1 – 1215.3] and Intermediary Zone [1225.5 – 1223.8].

XAUUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [1216.1 – 1215.3]. TakeProfit: 1207.3, Target Zone [1203.4 – 1200.0]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [1225.5 – 1223.8]. TakeProfit: 1207.3, Target Zone [1203.4 – 1200.0]. StopLoss: according to the pattern rules.

XAGUSD

Silver traders are trying to consolidate the price below the bottom border of the flat. If they succeed, it will be relevant to enter sells on the correction with the target to renew September’s low and reach Target Zone 5 [13.67 – 13.59].

Intermediary Zone [14.55 – 14.52] was broken out on the news on Thursday. As a result, the momentum reversed downward and the target of [14.19 – 14.12] was reached. If someone managed to sell silver, I suggest they fixed all short trades, as the price is now in the middle-term support zone.

If the correction develops, the local resistances will be Additional Zone [14.30 – 14.28] and Intermediary Zone [14.50 – 14.46]. Expect until the zones are tested and look for sales further in the trend with the target to break through the local low.

XAGUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [14.30 – 14.28]. TakeProfit: Target Zone [14.19 – 14.12]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [14.50 – 14.46]. TakeProfit: Target Zone [14.19 – 14.12]. 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 12.11.2018

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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