Commodities technical analysis for today

WTI

Oil buyers failed to break out the strong middle-term support Target Zone 2 [70.76 – 70.45]. Oil price dropped yesterday. Today, WTI is again approaching the key support to the trend [68.05 – 67.74].

The short-term trend reversed downwards after oil price had dropped. Intermediary Zone [69.38 – 69.23] was broken out with consolidation below.

 Now sell target is the lower Target Zone [67.83 – 67.52]. When oil price is corrected up towards the resistances, look for WTI sell trades according to the pattern. I recommend taking a part of profits when the current low is renewed.

WTI trading tips for today:

  1. Sell according to the pattern in Additional Zone [69.02 – 68.95]. TakeProfit: 68.18, Target Zone [67.83 – 67.52]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [69.88 – 69.72]. TakeProfit: 68.18, Target Zone [67.83 – 67.52]. StopLoss: according to the pattern rules.

XAUUSD

Gold price is rising in the uptrend. Buy target is Target Zone 2 [1225.3 – 1222.2].

Let’s detail the situation in the shorter timeframe.

It is clear that the short-term trend reversed upwards. Yesterday, there was a try to draw gold price up after the outbroken IZ retest, but it failed. Next, gold price was corrected and broke through Additional Zone [1204.9 – 1204.1]. Now, I can suggest the correction target to be the key support at [1197.2 – 1195.6] test.

Aggressive traders can sell XAUUSD targeting Intermediary Zone. For those, who are trading in the trend, the only opportunity to buy is buying according to the pattern in IZ with a target in Target Zone [1221.8 – 1218.7].

XAUUSD trading tips for today:

  1. Aggressive: sell according to the pattern in Additional Zone [1208.7 – 1208.0]. TakeProfit: Intermediary Zone [1197.2 – 1195.6]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1197.2 – 1195.6]. TakeProfit: 1212.3, Target Zone [1221.8 – 1218.7]. StopLoss: according to the pattern rules.

XAGUSD

Silver middle-term downtrend has slowed down. Now, silver traders are accumulating positions. Expect the test of the key resistance [14.68 – 14.61] and look for sells.

Silver is still trading down in the short-term trend. Intermediary Zone [14.29 – 14.25] was tested yesterday. The resistance was held, so, we shall look for sells according to the pattern. I don’t yet see any pattern at the moment.

If buyers again test IZ and renew the local high, there will be an opportunity to break out the resistance and close the price above. If so, we shall buy XAGUSD with a target in the upper Target Zone [14.68 – 14.61] next week.

XAGUSD trading tips for today:

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 14.09.2018

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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