WTI

Oil is trading between the key resistance of the middle-term trend and the strong support Target Zone 7. The trading range is 330 points. Yesterday, the sales in the resistance worked out; currently, the oil price is rising again and approaching level 57.85, the zone internal border.

I don’t recommend selling from the same zone again. Rather, I suggest following traders activities in Target Zone. If it is broken out upside, it will be relevant to look for purchases.

It is clear from the shorter timeframe that there was an attempt to reach Target Zone [54.83 – 54.52] yesterday. Sellers had not enough power to do it. After that, the price reversed and covered all the downward movement.

Currently, traders are testing Intermediary Zone [56.78 – 56.63] from above. Now, the zone serves as a support, so, if there is 1-2-3 buy pattern, I recommend buying WTI with the target at the upper TZ [58.49 – 58.18].

WTI trading tips for today:

Buy according to the pattern in Intermediary Zone [56.78 – 56.63]. TakeProfit: TZ [58.49 – 58.18. StopLoss: according to the pattern rules.


XAUUSD

Gold price is growing, but the trend is still downward. After Target Zone [1233.7 – 1230.3] is tested, I suggest looking for position sales.

The local trend is upward. Buy target is Target Zone [1233.7 – 1230.3]. I recommend buying gold in the correction towards the broken out Intermediary Zone [1215.0 – 1213.3].

The second zone to look for profitable buys is the key support to the trend at [1208.3 – 1206.6]. If the price high is renewed, it should be rearranged.

XAUUSD trading tips for today:

  1. Put a buy limit order in Intermediary Zone [1215.0 – 1213.3]. TakeProfit: 1225.0, Target Zone [1233.7 – 1230.3]. StopLoss: 1209.4.
  2. Buy according to the pattern in Intermediary Zone [1208.3 – 1206.6]. TakeProfit: 1225.0, Target Zone [1233.7 – 1230.3]. StopLoss: according to the pattern rules.

XAGUSD

The silver trend hasn’t changed since yesterday.

The local trend is upward. Growth target is Target Zone [14.68 – 14.61].

I recommend buying either in Additional Zone [14.26 – 14.24] or in Intermediary Zone [14.07 – 14.04] according to the pattern.

Selling will be relevant if traders break IZ out and consolidate below at the U.S. session. IN this case, the target will be the lower Target Zone [13.71 – 13.64].

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [14.26 – 14.24]. TakeProfit: 14.43, Target Zone [14.68 – 14.61]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.07 – 14.04]. TakeProfit: 14.43, Target Zone [14.68 – 14.61]. 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 20.11.2018

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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