Gold price is back under the resistance Target Zone 4. The price is being corrected down to the middle-term uptrend

USCrude

Oil is still trading in the middle-term uptrend. Buy target is Target Zone 4 [58.88 – 58.49]. The key support to the trend is in the zone of [53.32 – 52.93].

The short-term trend is upward. Yesterday, there was a try to reach Additional Zone [56.25 – 56.15], but the price did not reach it a bit.

For today, continue looking for purchases. I recommend watching for a reversal pattern from strong supports.

If AZ is broken out, it will be possible to trade down to Intermediary Zone [55.28 – 55.08]. If IZ is broken out, it will be relevant to sell down to the lower Target Zone [53.33 – 52.94].

 

USCrude trading tips for today:

  1. Buy according to the pattern in Additional Zone [56.25 – 56.15]. TakeProfit: 57.21. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [55.28 – 55.08]. TakeProfit: 57.21. StopLoss: according to the pattern rules.

XAUUSD

Gold is back under the middle-term resistance Target Zone 4 [1335.7 – 1332.3]. The resistance has been held, so, a buy target is the local high. Look for purchases from the key support [1312.7 – 1309.3].

The local short-term trend has reversed downwards via Intermediary Zone [1329.7 – 1328.0] breakout and consolidation below at the US session. Now, look for short trades with a target in Target Zone [1312.7 – 1309.3].

Strong resistances, one should look for sales, are currently Additional Zone [1330.4 – 1329.5] and Intermediary Zone [1339.7 – 1338.0].

 

XAUUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [1330.4 – 1329.5]. TakeProfit: Target Zone [1312.7 – 1309.3]. StopLoss: according to the pattern rules
  2. Sell according to the pattern in Intermediary Zone [1339.7 – 1338.0]. TakeProfit: Target Zone [1317 – 1309.3]. StopLoss: according to the pattern rules

XAGUSD

Sliver price is being corrected down to the middle-term uptrend. The correction target is likely to be Target Zone [15.49 – 15.42] test.

The short-term trend is still upward, since Intermediary Zone [15.85 – 15.81] is still being held by buyers. Buying will be relevant if there is a pattern and Additional Zone [15.96 – 15.94] breakout.

To reverse the trend and sell, accordingly, traders need to break out IZ and consolidate below. In this case, we shall sell silver with a target at the lower Target Zone [15.49 – 15.42].

Considering a strong price drop on February 20-21, one may also consider a local sell trade from the intraday resistance, but the target will be renewal of yesterday’s low.

 

XAGUSD trading tips for today:

  1. Buy according to the pattern in Intermediary Zone [15.85 – 15.81]. TakeProfit: 16.2 StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Additional Zone [15.96 – 15.94]. TakeProfit: 15.77. 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 XAUUSD in real time mode

Analysis for oil, gold and silver for 22.02.2019

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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