Today, the new margin requirements for CL oil futures come into effect. Now, the margin is 3250 USD per contract. It is necessary to rearrange all zones that hasn’t been broken out and/or reached by the price.

WTI

At the end of trading week, oil price tested the zone of good sell prices [71.41 – 70.81]. For today, I recommend looking for middle-term sells, and don’t rule out a possible retest of the resistance zone. The downward target is renewal of the previous extreme and Target Zone 2 [67.45 – 67.13] test.

The short-term trend is still downward, although the price jumped much higher than Intermediary Zone [69.85 – 69.71] on Friday. The US session closed inside the zone, so, today, look for sells according to the pattern with targets at 68.35, Target Zone 2 [67.45 – 67.13].

I don’t recommend buying WTI until IZ is clearly broken out. If so, the target will be in the upper Target Zone [71.81 – 71.48].

Today's trading tips for WTI:

Sell according to the pattern in Intermediary Zone [70.02 – 69.86]. TakeProfit: 68.35. Target Zone 2 [67.45 – 67.13]. StopLoss: according to the pattern rules.


XAUUSD

Gold is trading down in the middle term. Last week, traders renewed the previous local low but didn’t break out Target Zone 4 [1241.2 – 1238.1]. Besides, there is a clear descending pattern in the chart; if it is broken, one can trade on the correction up to Target Zone [1270.5 – 1267.4].

In the shorter timeframe, XAUUSD continues trading down, with the target at Target Zone [1234.9 – 1231.8]. Now, gold prices are in the strong resistance zone Additional Zone [1245.0 – 1244.2]. If there is a sell pattern, we shall sell. Otherwise, we shall wait for Intermediary Zone [1253.5 – 1252.0] test to look for sells at good prices.

Today's trading tips for XAUUSD:

  1. Sell according to the pattern in Additional Zone [1245.0 – 1244.2]. Target Zone [1234.9 – 1238]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [1253.5 – 1250]. Target Zone [1234.9 – 1231.8]. StopLoss: according to the pattern rules.

XAGUSD

Silver price was trading down the whole last week, but the strong support Target Zone 2 [15.83 – 15.75] was not broken out.

Based on this, the price can be corrected towards the key resistance [16.43 – 16.36] this week. One can trade up in the correction and then, provided there is a pattern, sell XAGUSD in the trend.

There is a clear strong downtrend in the shorter timeframe chart.

At the moment, sellers are trying to break through the middle-term support TZ2. If they succeed, the next target will be in Gold Zone [15.47 – 15.43].

I recommend looking for sells in the key resistance zone [16.04 – 16.00].

Today's trading tips for XAGUSD:
Sell according to the pattern in Intermediary Zone [16.04 – 16.00]. TakeProfit: 15.66, Gold Zone [15.47 – 15.43]. 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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Real-time price chart of USCrude

Analysis for oil, gold and silver for 16.07.2018

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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