The short-term uptrend for metals continues developing. We shall follow traders’ activities on Friday

WTI

Oil middle-term downtrend continues. The major decreasing target is Target Zone 8 [51.99 – 51.68].

Let’s see the local trend for oil. WTI price was trading above the key support at [53.89 – 53.71], yesterday. The zone has been broken out today at the Asian session. Next, there can be two possible scenarios:

  1. Retest of the broken out zone and reaching Target Zone [52.12 – 576].
  2. Rollback up to the key support and purchases up to [56.00 – 55.69].

Taking into account that it is Friday today, I suggest considering the points to exit the trades.

WTI trading tips for today:

Avoid entering new trades


XAUUSD

Gold price has stopped close to the key resistance [1233.7 – 1230.3]. I suggest looking for a sell signal in the middle-term timeframe. The alternative scenario is displayed in the screenshot.

Gold local short-term trend is still upward. The main scenario to buy has been worked out this week. As traders filed to break out Target Zone, it is too early to count on the further price rise.

If gold price is corrected down towards the strong supports, such as Additional Zone [1221.5 – 1220.7] and Intermediary Zone [1213.0 – 1211.3], I recommend looking for purchases with a target around the local high.

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 down in the middle-term. The price growth during the past two weeks is corrective. Look for sells with a target at 13.90 and in Target Zone 5 [13.67 – 13.59].

Buying will be relevant after the resistance at [14.68 – 14.61] is broken out with the consolidation above.

The scenario to buy in Additional Zone [14.31 – 14.29] in the short-term uptrend has been worked out this week; the high of November 29th has been renewed. However, the main growth target hasn’t yet been reached. It is Target Zone in the price range of [14.68 – 14.61].

Summing up all the above, I can suggest that it is currently relevant to look for new Silver purchases up from the strong supports with the targets at the local high + TZ.

The key support to the trend is in the zone of [14.19 – 14.15].

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [14.37 – 14.35]. TakeProfit: 14.54, Target Zone [14.68 – 14.61]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.19 – 14.15]. TakeProfit: 14.54, 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 23.11.2018

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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