Oil price is being corrected, it is approaching the middle-term resistance [70.00 – 69.65]

WTI

Oil price is being corrected and approaching the middle-term resistance [70.00 – 69.65]. If the price reaches the zone, look for a sell pattern and sell. Put the first take profit in Target Zone 2 [67.25 – 66.91].

Oil is trading up in the short-term. Now, WTI price is going according to the main scenario. Yesterday, the price rebounded from Additional Zone [67.84 – 67.75]. If the new AZ [68.41 – 68.32] is tested today, I strongly suggest ypu close a part of purchases at the high renewal.

The second price range to trade in the trend is Intermediary Zone [67.55 – 67.38].

WTI trading tips for today:

  1. Buy in Additional Zone [67.84 – 67.75]. TakeProfit: Target Zone [70.00 – 69.65]. StopLoss: 67.95.
  2. Buy according to the pattern in Intermediary Zone [67.55 – 67.38]. 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 buy target is Target Zone [1245.6 – 1242.5]. The local high has been renewed at the Asian session today; so, we shall rearrange the support zones.

For today, I recommend buying gold or add more purchases in Additional Zone [1227.5 – 1226.7] with a stop at 1223.0. If the stop works out, the next gold price zone to look for purchases according to the pattern is Intermediary Zone [1217.7 – 1218.2].

XAUUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [1227.5 – 1226.7]. TakeProfit: 1235.0, Target Zone [1245.6 – 1242.5]. StopLoss: 1223.0.
  2. Buy according to the pattern in Intermediary Zone [1217.7 – 1218.2]. TakeProfit: 1235.0, Target Zone [1245.6 – 1245]. StopLoss: 1223.0.


XAGUSD

Silver price, like gold, is being corrected in the middle-term. If the strong resistance zone [15.92 – 15.75] is reached, I recommend looking for sells. The target will be Target Zone 3 [15.11 – 15.03].

Yesterday, the US session consolidated the price above Intermediary Zone [15.52 – 15.49]. Therefore, the local trend reversed upwards, and we will be buying in the next few days.

To buy, I recommend expecting the silver price correction towards one of the support zones. I suggest you put a buy limit order in Additional Zone [15.44 – 15.42]. If IZ [15.26 – 15.22] is reached by the price, you’d better look for a pattern.

Set intermediate profit-taking at the local high breakout, the main target is Target Zone [15.92 – 15.85].

XAGUSD trading tips for today:

  1. Buy in Additional Zone [15.44 – 15.42]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. StopLoss: 15.35.
  2. Buy according to the pattern in Intermediary Zone [15.26 – 15.22]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. 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 26.07.2018

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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