Oil sellers held up the key resistance to the local trend

WTI

WTI continues trading in the middle-term downtrend. Oil price is now trading above the strong support [67.25 – 66.91], so, it is not relevant to sell at the current prices. For position selling, I would recommend expecting the strong resistance zone [70.00 – 69.65] and looking for a pattern there.

Although oil price went rather far beyond Intermediary Zone [68.09 – 67.92]б the short-term trend is still downward. The US session closed below the key resistance, which proves sells to be still relevant. In addition, there is a complete false breakout pattern, so I recommend selling on the correction towards the zone. The sell target will be the low of July,18 and Gold Zone 2 [65.35 – 65.28].

Buying won’t be available until oil price is consolidated above IZ.

Today's trading tips for WTI:

Sell in Intermediary Zone [68.09 – 67.92]. TakeProfit: 66.30, Gold Zone 2 [65.35 – 65.28]. StopLoss: 68.73.


XAUUSD

Gold price is being corrected against the middle-term downtrend. The key resistance is at [1245.6 – 1242.5].

The short-term trend is upward. Gold price is now trading in Intermediary Zone [1219.6 – 1218.1]. There are good buy prices in the zone, so, I recommend looking for a reversal pattern and, if there is one, buying XAUUSD with a target in Target Zone [1245.6 – 1242.5].

Selling will be relevant if IZ is broken out with consolidation below. If so, the target will be in the lower Target Zone [1204.1 – 1201.0].

Today's trading tips for XAUUSD:

Buy according to the pattern in Intermediary Zone [1219.6 – 1218.1]. TakeProfit: Target Zone [1245.6 – 1242.5]. StopLoss: according to the pattern rules.


XAGUSD

Silver is trading down in the middle-term. The resistance zone, with the best sell prices, is at [15.92 – 15.75].

Let’s analyze the short-term trend.

On Friday and Monday, silver traders were testing the key resistance [15.52 – 15.49]. Sellers managed to draw the price down from the zone, but I don’t see any sell pattern.

Currently, silver quotes are trading in Additional Zone [15.33 – 15.31], that can be interesting for those, who want to trade in the correction.

Summing up, I recommend aggressive buying XAGUSD in AZ with a target to renew the local high. To sell, expect IZ retest and look for a sell pattern.

Today's trading tips for XAGUSD:

  1. Aggressively: buy in Additional Zone [15.33 – 15.31]. TakeProfit: Intermediary Zone [15.52 – 15.49]. StopLoss: 15.23.
  2. 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 USCrude

Analysis for oil, gold and silver for 24.07.2018

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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