According to the analysis, demand exceeds supply in the commodity markets

WTI

Yesterday, the US session closed the price just below Target Zone [66.97 – 66.72], the key resistance to the middle-term uptrend. I recommend looking for a sell pattern. Downward target will be last week’s low and Target Zone 4 [62.84 – 62.59].

The short-term trend is upward. Yesterday, buyers were trying to renew the high, but the trading session closed inside the zone. The price started rising from Additional Zone [66.13 – 66.07].

If the quotes go down today and AZ is broken out, we’ll have a complete pattern to sell on the correction with the first, and the main target to test Intermediary Zone [65.50 – 65.37].

IZ is the key support, so, after the zone is reached, I recommend closing most sells and looking for a buy pattern.

Today's trading tips for WTI:

Buy according to the pattern in Intermediary Zone [65.50 – 65.37]. TakeProfit: Target Zone [66.97 – 66.72]. StopLoss: according to the pattern rules.


XAUUSD

Gold price isn’t moving in the longer timeframe. The trend is still downward, but I wouldn’t recommend selling the instrument now. I think you should wait until the key resistance at [1316.2 – 1313.1] is tested and then take your decision.

The short-term trend is upward. The first buy target was reached yesterday (May 25 high). The second target is Target Zone [1316.2 – 1313.1]. For today, you’d better hold on purchases opened from the key support. You can also look for buys in Additional Zone [1301.5 – 1300.7].

The trend will be upward as long as the key support [1293.8 – 1292.2] is held. If it is broken out, we shall sell gold targeting the lower Target Zone [1278.3 – 1275.2].

Today's trading tips for XAUUSD:

  1. Don’t close purchases. TakeProfit: Target Zone [1316.2 – 1313.1].
  2. Buy according to the pattern in Additional Zone [1301.5 – 1300.7]. TakeProfit: Target Zone [1316.2 – 1313.1]. StopLoss: according to the pattern rules.

XAGUSD

Silver price tested the resistance level yesterday, so, today it can roll back. During the rollback/correction add more buys in the trend, targeting Target Zone 2 [17.51 – 17.44].

The local trend is also upward. Now, the price is in Additional Zone [17.09 – 17.07]. AZ is the strong support, so, if there is a buy signal, suggested by your trading system, you should buy silver aiming to renew yesterday’s high.

It is also relevant to look for buys when the price goes down towards Intermediary Zone. Now, it is bordered by the levels of TZ [16.55 – 16.57].

If the key support IZ is broken out from above, the trend will reverse downwards, and we will sell silver down to the lower TZ [16.55 – 16.57].

Today's trading tips for XAGUSD:

  1. Buy according to the pattern in Additional Zone [17.09 – 17.07]. TakeProfit: Gold Zone [17.25 – 17.21]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [16.90 – 16.87]. TakeProfit: Gold Zone [17.25 – 17.21]. 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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Analysis for oil, gold and silver for 15.06.2018

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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