Commodities are trading up locally ahead the news releases

WTI

Oil price continues being corrected in the longer timeframes. The most likely correction target is the key resistance [66.97 – 66.72] test.

The short-term trend is upward. Yesterday, the main pattern to by in Additional Zone was worked out: the local high was renewed. It was followed by WTI price correction; and today, the trading was opened with a try to test the key support at [65.32 – 65.20].

The instrument price is being corrected now; it is approaching the local resistance AZ [66.16 – 66.10]. You can sell aggressively in the zone, targeting Intermediary Zone.

After the key support is reached, look for more buys in the trend.

Today's trading tips for WTI:

  1. Aggressive: sell in Additional Zone [66.16 – 66.10]. TakeProfit: Intermediary Zone [65.32 – 65.20]. StopLoss: 66.35.
  2. Buy according to the pattern in Intermediary Zone [65.32 – 65.20]. TakeProfit: Target Zone [66.97 – 66.72]. StopLoss: according to the pattern rules.

XAUUSD

Gold traders are waiting for the release of the Fed rate decision that is at 6 p.m. GMT. The middle-term trend will be determined by where the price will go from the accumulation zone.

The short-term trend is upward, but traders aren’t actively buying gold. Taking into account the today’s news, the key support can well be penetrated rather deeply, followed by the further price growth.

Therefore, I recommend closing all the positions for the instrument at the current prices and follow the situation.

If the key support is broken through with consolidation below, the short-term trend will reverse downwards.

Today's trading tips for XAUUSD:

  1. Aggressive: holding on purchases in Intermediary Zone [1292.3 – 1290.7].
  2. Closing all positions and monitoring.

XAGUSD

Silver traders can’t consolidate above the key resistance to the middle-term downtrend [16.80 – 16.72]. If there is a strong downward momentum and a sell pattern, sell the instrument with the first target at May’s low.

If the US session closes above 16.80 today, it will signal to buy the metal up to Target Zone 2 [17.51 – 17.44].

In the chart with additional margin zones, we see that another Additional Zone was tested yesterday, and another buy target at the local high was reached.

Buyers haven’t yet broken out the middle-term resistance at [16.93 – 16.85]. Therefore, there can be a correction, stronger than previous ones, and the key support [16.54 – 16.50] test.

After strong supports are reached, we, as usual, will look for purchases, but don’t forget about the news release at 6 p.m. If Intermediary Zone is broken out from above with consolidation below, we shall sell down to the lower TZ tomorrow.

Today's trading tips for XAGUSD:

  1. Buy according to the pattern in Additional Zone [16.72 – 16.70]. TakeProfit: 16.89. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [16.54 – 16.50]. TakeProfit: 16.89. 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.

 

Analysis for oil, gold and silver for 13.06.2018

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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