Gold price reached short-term target in Target Zone [1233.7 – 1230.3]

WTI

Oil price rebounded from the key resistance of trend [56.00 – 55.69] and broke out Target Zone 7 [55.09 – 54.78]. The next target in the trend is Target Zone 8 [51.99 – 51.68].

The local short-term trend is upward as Intermediary Zone was broken out yesterday, and buyers drew the price up to Target Zone [56.00 – 55.69]. That was followed by the correction at the U.S. session, which finished at the key support to the trend.

For today, it is relevant to look for new buys in the momentum with the target to break through yesterday’s high. I recommend you enter long trades only provided there is a corresponding technical pattern. The zone to look for a pattern is IZ.

 

WTI trading tips for today:

Buy according to the pattern in Intermediary Zone [53.89 – 53.71]. TakeProfit: Target Zone [56.00 – 55.69]. StopLoss: according to the pattern rules.


XAUUSD

Let’s see the gold price chart, covering long timeframe. It is clear that, according to margin zones, the middle-term downtrend is dominating. Yesterday, gold price reached Target Zone [1233.7 – 1230.3], the border of the trend. Now, I suggest looking for sell positions.

If the resistance is broken out, the downward scenario will be canceled, and the target will be the upper TZ 2 [1267.7 – 1264.3].

Buyers worked out the main scenario to buy and reached Target Zone [1233.7 – 1230.3].

I suggest closing all purchases and follow how traders will treat TZ. If the zone is broken out with the consolidation above, marked at the US session, the next growth target will be Gold Zone [1249.0 – 1247.3]. If it is held, there may be a correction.

In case of the correction, look for purchases up from the strong supports, such as Additional Zone [1221.5 – 1220.7]and Intermediary Zone [1213.0 – 1211.3].

XAUUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [1225 – 1220.7]. TakeProfit: Target Zone [1233.7 – 1230.3]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1213.0 – 1211.3]. TakeProfit: Target Zone [1233.7 – 1230.3]. StopLoss: according to the pattern rules.

XAGUSD

Silver is trading up in the middle-term timeframe. The middle-term trend is still downward. The key resistance is the same at [14.68 – 14.61].

The local short-term trend is upward today. The growth target is Target Zone [14.68 – 14.61]. Hold on your purchases in AZ at the breakeven. A part of buy positions could be closed at the high breakout yesterday.

To look for new purchases, expect the correction towards the new AZ at [14.37 – 14.35]. The key support at [14.19 – 14.15].

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [14.31 – 14.29]. TakeProfit: 14.48, Target Zone [14.68 – 14.61]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.13 – 14.09]. TakeProfit: 14.48, 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 XAUUSD in real time mode

Analysis for oil, gold and silver for 22.11.2018

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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