Commodities continue trading down in the middle-term

WTI

Oil continues trading in the middle-term downtrend. Now, the instrument price is being corrected up after its drop last week.

The key resistance to the trend is at [70.00 – 69.65]. If the zone is reached by WTI price, look for sells with a target to renew the local low.

The short-term trend remains downward at the beginning of the European session on Monday. On Thursday and Wednesday, oil traders were testing Intermediary Zone [68.09 – 67.92]. They couldn’t break out the resistance, so, I recommend looking for a reversal sell pattern today. Sell target will be last week’s low and Gold Zone 2 [65.35 – 65.28].

If the price is closed above IZ, the momentum will reverse upward and the target will be Target Zone [70.00 – 69.65].

Today's trading tips for WTI:

Sell according to the pattern in Intermediary Zone [68.09 – 67.92]. TakeProfit: 66.30, Gold Zone 2 [65.35 – 65.28]. StopLoss: according to the pattern rules.


XAUUSD

In the long-term gold chart, the price is approaching the resistance zone that is the key one for the middle-term trend. It is in the range of [1245.6 – 1238.1]. After XAUUSD reaches the zone, look for a sell signal first of all. The target will be Target Zone 5 [1210.2 – 1207.1].

The short-term gold trend reversed upwards, as the price was closed above Intermediary Zone [1228.5 – 1227.0] on Friday.

For today, look for purchases in the strong support zones Additional Zone [1227.4 – 1226.6] and Intermediary Zone [1219.6 – 1218.1]. The target is TZ [1245.6 – 1242.5]. I recommend intermediate profit-taking in the zone of the local high, provided the gold price goes up.

Today's trading tips for XAUUSD:

  1. Buy according to the pattern in Additional Zone [1227.4 – 1226.6]. TakeProfit: 1234.5. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1219.6 – 1218.1]. TakeProfit: 1234.5. StopLoss: according to the pattern rules.

XAGUSD

Silver is trading down in the middle-term. Now, silver price is being corrected up after the drop last week. If the key resistance zone [15.92 – 15.75], look for more sells in the trend.

In the short-term silver price chart, we see Intermediary Zone [15.52 – 15.49] to be reached. The trading recommendation to buy worked out on Friday. Taking into account that the short-term trend is still downward, look for sells according to the pattern in IZ with a target in Target Zone 3 [15.11 – 15.03].

If the US session closes above IZ today or tomorrow, the local trend will reverse upwards and we will buy XAGUSD up to the target at 15.85.

Today's trading tips for XAGUSD:

Sell according to the pattern in Intermediary Zone [15.52 – 15.49]. TakeProfit: Target Zone 3 [15.11 – 15.03]. 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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Real-time price chart of XAUUSD

Analysis for oil, gold and silver for 23.07.2018

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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