Gold short-term uptrend develops with the primary target at 1242.5

WTI

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

Buyers managed to reverse the short-term trend upwards, having consolidated the price above Intermediary Zone [68.09 – 67.92] yesterday. We shall now look for buys up to the upper Target Zone [70.00 – 69.65].

The strong supports are Additional Zone [67.84 – 67.75] and Intermediary Zone [66.98 – 66.81]. The latter is the key one.

WTI trading tips for today:

  1. Buy according to the pattern in Additional Zone [67.84 – 67.75]. TakeProfit: Target Zone [70.00 – 69.65]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [66.98 – 66.81]. TakeProfit: Target Zone [70.00 – 69.65]. StopLoss: according to the pattern rules.

XAUUSD

Gold is trading in the range between the resistance [1245.6 – 1238.1] and the support [1210.2 – 1207.1]. The middle-term trend is downward.

Gold continues trading in the local uptrend. The key support [1219.6 – 1218.1] was tested yesterday. It provoked the corresponding response, and gold price was closed at 1225.2. For today, I recommend holding up purchases, opened up to Target Zone [1245.6 – 1242.5], or looking for a pattern again and buying. I suggest you move positions, opened in IZ, to breakeven.

XAUUSD trading tips for today:

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 price is being corrected upward. If it reaches the strong resistance zone [15.92 – 15.75], I recommend considering position selling.

Yesterday, trading recommendation to buy aggressively worked out, the local high was also renewed. The US session closed below Intermediary Zone [15.52 – 15.49], so the short-term downtrend continues. To open short trades, expect a sell signal and sell with a target in Target Zone 3 [15.11 – 15.03].

Purchases won’t be relevant until the US session closes above IZ. In this case, the target will be in the upper TZ [15.92 – 15.85].

XAGUSD trading tips for today:

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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Analysis for oil, gold and silver for 25.07.2018

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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