Metals are trading in the zones of good prices to buy in the short-term trend

WTI

Oil price is testing the key resistance to the middle-term downtrend [67.69 – 67.35]. Until the second U.S. session closes above the zone, so that its breakout is confirmed, look for sales. If the U.S. session closes the price above level 67.69 today, we shall buy in the middle-term trend tomorrow.

The short-term oil trend is upward. Target Zone [67.69 – 67.35] was broken out yesteday, the next growth target is Gold Zone [69.24 – 69.07].

Look for buys in the correction towards the strong supports, AZ and IZ. IZ is the key support to the trend it is at [66.32 – 66.15].

WTI trading tips for today:

  1. Buy according to the pattern in Additional Zone [67.18 – 67.10]. TakeProfit: 68.01, Gold Zone [69.24 – 69.07]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [66.32 – 66.15]. TakeProfit: 68.01, Gold Zone [69.24 – 69.07]. StopLoss: according to the pattern rules.

XAUUSD

Gold price is testing the middle-term resistance [1194.3 – 1191.2]. The U.S. session closed above the zone yesterday, but, to record the zone breakout, we need that the U.S. session closes there one more time. Until it occurs, the downtrend continues, and the sell target is last week’s low.

The short-term trend is upward. Today, gold price is being corrected locally. Additional Zone [1193.8 – 1193.1] has been broken out at the Asian session. Therefore, I can suggest a possible correction target in Intermediary Zone [1186.1 – 1184.5].

When IZ is reached, I recommend looking for a buy pattern, and, if there is one, buying the instrument with the target to renew yesterday’s high + Gold Zone [1208.2 – 1206.7].

XAUUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [1186.1 – 1184.5]. TakeProfit: 1201.3, Gold Zone [1208.2 – 1206.7]. StopLoss: according to the pattern rules.


XAGUSD

Silver is still trading in the middle-term downtrend. The key resistance is at [15.08 – 15.00]. Look for sales with the target of last week’s low.

Silver is trading up in the short-term, as buyers broke out the key resistance and consolidated above on August 17. Buy target is Target Zone [15.08 – 15.00].

I recommend entering long trades in the correction towards Additional Zone [14.65 – 14.63] or Intermediary Zone [14.47 – 14.43]. Now, silver price is trading a little lower than AZ, but I can’t say that traders have broken out the zone. If there is a pattern, I recommend buying and a partial fixing of purchases at the renewal of yesterday’s high.

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [14.65 – 14.63]. TakeProfit: 14.82, Target Zone [15.08 – 15.00]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.47 – 14.43]. TakeProfit: 14.82, 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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Price chart of XAUUSD in real time mode

Analysis for oil, gold and silver for 23.08.2018

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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