Gold price stopped rising in the key resistance zone of middle-term trend

WTI

Oil price is being corrected up after the drop last week. The key resistance is at [67.69 – 67.35]. After the zone is reached, I recommend looking for new middle-term sell positions.

Yesterday, the correctional buy pattern worked out, last Friday’s high was renewed. After that, the U.S. session closed the price above Intermediary Zone [65.79 – 65.62], and so, according to margin zones, the short-term trend has reversed upwards.

For today, I recommend looking for new buy positions. God buy prices are in Additional Zone [65.54 – 65.46] and Intermediary Zone [64.68 – 64.51]. Look for buys according to pattern with the targets to renew the local high and reach Target Zone [67.69 – 67.35].

WTI trading tips for today:

  1. Buy according to the pattern in Additional Zone [65.54 – 65.46]. TakeProfit: 66.35, Target Zone [67.69 – 67.35]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [64.68 – 64.51]. TakeProfit: 66.35, Target Zone [67.69 – 67.35]. StopLoss: according to the pattern rules.

XAUUSD

Gold price stopped rising in the middle-term key resistance zone [1194.3 – 1191.2]. There, I recommend looking for sales according to the pattern with the target to renew last week’s low.

If the resistance is broken out, you can start buying in the middle-term.

Yesterday’s high has been renewed at the Asian session today, and so, those, who opened purchases in Additional Zone [1188.6 – 1187.9], have already taken a part of profits. Hold the rest of the purchases up to Gold Zone [1208.2 – 1206.7].

As the high has been renewed, we should rearrange the support zones. Now, Additional Zone is at [1190.0 – 1189.3], and Intermediary Zone – [1182.3 – 1180.7]. If gold price reaches these zones, look for buys according to the pattern with the targets: local high renewal, GZ.

XAUUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [1190.0 – 1189.3]. TakeProfit: 1197.2, Gold Zone [1208.2 – 1206.7]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1183 – 1180.7]. TakeProfit: 1197.2, Gold Zone [1208.2 – 1206.7]. StopLoss: according to the pattern rules.

XAGUSD

Silver is trading in the middle-term downtrend. Now, the price is being corrected. If it reaches the key resistance [15.08 – 15.00], we shall look for new sales.

Silver is trading up locally; the buy target to open purchases in Additional Zone [14.62 – 14.60] was reached yesterday.

Silver traders are not opening more purchases. Buyers met a resistance at 14.75 – 14.80. If the price correction develops again and the price reaches Additional Zone [14.62 – 14.60], I recommend looking for buys again. The second zone to look for more purchases in the trend is Intermediary Zone [14.44 – 14.40]. Open positions only according to the patterns.

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [14.62 – 14.60]. TakeProfit: 14.79, Target Zone [15.08 – 15.00]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.44 – 14.40]. TakeProfit: 14.79, Target Zone [15.08 – 15.00]. 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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Analysis for oil, gold and silver for 22.08.2018

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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