Gold sellers are trying to consolidate below another middle-term support. We’ll see if they can.

WTI

Oil price renewed the local low yesterday; after that, the quotes returned to the broken out Target Zone 2 [67.25 – 66.91]. Look for sells from the resistance again, and from the key resistance [68.96 – 68.61]. The target is yesterday’s low.

The main scenario to sell in Intermediary Zone [67.49 – 67.32] worked out: the local low was renewed and Target Zone [65.70 – 65.36] was tested.

At the end of the U.S. session, there was correctional price rise that was stopped by the new Intermediary Zone [67.06 – 66.89]. Look for sells further in the trend in the zone and the target is yesterday’s low.

If IZ is broken out, we shall start buying in the trend with the target in the upper Intermediary Zone [67.06 – 66.89] tomorrow.

 

WTI trading tips for today:

Sell according to the pattern in Intermediary Zone [67.06 – 66.89]. TakeProfit: Target Zone [65.70 – 65.36]. StopLoss: according to the pattern rules.


XAUUSD

Gold middle-term downtrend extends and develops. Target Zone 5 [1210.2 – 1207.1] was broken out yesterday. If gold sellers consolidate today, i.e. hold the price until it is closed below the support, we shall look for sells towards Target Zone 6 [1179.2 – 1176.1] the next day.

Gold short-term is also downward. Target Zone [1204.2 – 1201.1] was broken out yesterday, and so, the next target is Gold Zone [1188.7 – 1187.2].

Today, I recommend looking for sales from the strong supports, Additional Zone [1200.2 – 1199.4] and Intermediary Zone [1208.8 – 1207.2]. Mark the first target at yesterday’s low. Enter short trades strictly according to the patterns.

XAUUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [1200.2 – 1199.4]. TakeProfit: 1192.1, Gold Zone [1188.7 – 1187.2]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [1208.8 – 1207.2]. TakeProfit: 1191, Gold Zone [1188.7 – 1187.2]. StopLoss: according to the pattern rules.

XAGUSD

Silver traders retested according to the pattern rules. The zone will be broken out if the price closed below for the second time. If so, look for trades towards TZ 4 [14.39 – 14.31]. If it isn’t broken through, the price can be corrected towards the key resistance [15.72 – 15.65].

Intermediary Zone [15.26 – 15.22] was broken out and the local trend reversed downwards yesterday. Mark “not working out” above and start selling towards lower Target Zone [14.90 – 14.82].

I recommend selling from Additional Zone [15.13 – 15.11] with a stop at 15.20 and the first take profit at the low renewal.

The second zone to look for sales is the key resistance [15.32 – 15.29]. When it reached, look for a reversal pattern.

XAGUSD trading tips for today:

  1. Sell in Additional Zone [15.13 – 15.11]. TakeProfit: 14.94, Target Zone [14.90 – 14.82]. StopLoss: 15.20.
  2. Sell according to the pattern in Intermediary Zone [15.32 – 15.29]. TakeProfit: 14.94, Target Zone [14.90 – 14.82]. 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 14.08.2018

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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