Oil buyers are trying to break out the key resistance to the short-term trend

WTI

Oil is trading in the middle-term uptrend. The growth target is to break through the September’s high and reach Target Zone 3 [73.86 – 73.55].

The short-term is currently still downward; the oil price hasn’t been consolidated above Intermediary Zone [69.50 – 69.34]. Therefore, I suggest looking for new sells according to the pattern with the target to renew the local low and retest the lower Target Zone [67.83 – 67.52].

However, if the US session closes above level 69.50 today, we shall start buying WTI tomorrow. If so, the target will be the upper Target Zone [71.20 – 70.89].

WTI trading tips for today:

Sell according to the pattern in Intermediary Zone [69.50 – 69.34]. TakeProfit: Target Zone [67.83 – 67.52]. StopLoss: according to the pattern rules.


XAUUSD

Gold price is rising in the uptrend. Hold on the middle-term purchases in [1194.3 – 1180.2] up to the target in Target Zone 2 [1225.3 – 1222.2].

The local trend is still downward. Gold traders were testing Additional Zone [1201.3 – 1200.5] on Monday and Tuesday. The zone has been broken out at the Asian session today. There hasn’t been a sell pattern.

Therefore, I recommend you to expect Intermediary Zone [1209.8 – 1208.3] test and look for a pattern. If it emerges, I suggest selling XAUUSD with the target to break through Monday’s low and reach Target Zone [1181.7 – 1178.6].

XAUUSD trading tips for today:

Sell according to the pattern in Intermediary Zone [1209.8 – 1208.3]. TakeProfit: 1193.1, Target Zone [1181.7 – 1178.6]. StopLoss: according to the pattern rules.


XAGUSD

Silver middle-term trend hasn’t changed.

According to margin zones, XAGUSD is still trading down locally. Until the key resistance [14.29 – 14.25] is broken out, it will be relevant to look for sales with a target in Gold Zone [13.87 – 13.83].

I don’t yet see a sell pattern, and the high of September 13 may be broken through. If so, there are two likely scenarios:

  1. Silver price will go down and draw a reversal pattern, so that we can go short.
  2. Intermediary Zone is broke out and we switch the alternative scenario, buying silver with a target in the upper TZ [14.68 – 14.61].

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 19.09.2018

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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