According to market analysis, middle-term uptrends continue for oil and metals 

USCrude

Oil middle-term uptrend continues. Buy target is Target Zone 4 [58.88 – 58.49].

Gold Zone [57.21 – 57.02] was reached in the local uptrend. It is the strong resistance, so I recommend closing all short-term purchases and being prepared for a possible correction.

In case of a correction, enter new buy trades from the strong supports, such as Additional Zone [56.24 – 56.14] and Intermediary Zone [55.27 – 55.07]. The target will be the local high.

For the further price growth, it should be consolidated above Gold Zone. In this case, the target will be Target Zone 2 [59.36 – 58.97].

 

USCrude trading tips for today:

  1. Buy according to the pattern in Additional Zone [56.24 – 56.14]. TakeProfit: 57.16. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [55.27 – 55.07]. TakeProfit: 57.16. StopLoss: according to the pattern rules.

XAUUSD

Gold traders are trying to consolidate above Target Zone 4 [1335.7 – 1332.3]. If they succeed, the next target will be TZ 5 [1369.7 – 1366.3]. Otherwise, there will be a middle-term correction towards the key support to the trend [1312.7 – 1309.3].

Let’s study the short-term trend. It is upward. Yesterday, there was a try to reach Gold Zone 4 [1351.0 – 1349.3], but the price formed a new high and started correction.

The sellers are currently testing Additional Zone [1338.2 – 1337.4], which is the strong intraday support zone, where one may look for purchases. The second zone to look for purchases is the trend key support [1329.7 – 1328.0]. The target will be breaking through the yesterday’s high.

 

XAUUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [1338.2 – 1337.4]. TakeProfit: 1346.5. StopLoss: according to the pattern rules
  2. Buy according to the pattern in Intermediary Zone [1329.7 – 1328.0]. TakeProfit: 1346.5. StopLoss: according to the pattern rules

XAGUSD

Silver price stopped in Target Zone 3 [16.12 – 16.05]. To draw it higher, buyer need to break this zone out and consolidate the price above. Otherwise, the price may go down into the key support zone [15.49 – 15.42].

The short-term trend is upward and Target Zone [16.28 – 16.20] was reached yesterday. The main scenario has worked out, followed by the price correction.

Traders are currently testing Additional Zone [16.03 – 16.01]. If it is broken out with consolidation below, the price will go down towards the key support zone [15.85 – 15.81].

Look for buy signals in AZ and IZ. A reversal pattern can be a signal; the local high will be a target profit.

 

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [16.03 – 16.01]. TakeProfit: 16.21. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [15.85 – 15.81]. TakeProfit: 16.21. 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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Price chart of USCrude in real time mode

Analysis for oil, gold and silver for 21.02.2019

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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