Commodities are trading down this week

USCrude

Oil price is being corrected, currently testing the strong support Target Zone 3 [54.98 – 54.59]. Lower, there is the trend key support [53.56 – 53.17]. They make up a good buy zone, where you should look for a pattern. Buy target is the local high.

The short-term trend is downward. The down target is Target Zone [53.56 – 53.17].

Traders are currently testing the local resistance Additional Zone [55.80 – 55.70], where the sells according to the pattern should be looked for. The second zone to look for sales is Intermediary Zone [56.87 – 56.68], the key resistance to the trend. A part of profits can be taken at the yesterday’s low.

USCrude trading tips for today:

  1. Sell according to the pattern in Additional Zone [55.80 – 55.70]. TakeProfit: 54.75, Target Zone [53.56 – 53.17]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [56.87 – 56.68]. TakeProfit: 54.75, Target Zone [53.56 – 53.17]. StopLoss: according to the pattern rules.

XAUUSD

Gold price is being corrected down in the middle-term uptrend. If the correction is further developing, the target will be Target Zone [1312.7 – 1309.3], where I recommend looking for new purchases. Meanwhile, one could consider aggressive selling with a stop above level 1335.7.

The short-term trend is downward. Its major target is the test of Target Zone [1312.7 – 1309.3].

The price is currently rolling back from the resistance Additional Zone [1330.4 – 1329.5]. One might enter aggressive sells from the current price levels with a stop above the zone. The conservative scenario is described in the trading tips, but there may not be already good prices as there is emerging a new descending pattern with decreasing highs and lows.

Alternative scenario and plan B suggests selling from the key resistance [1339.7 – 1338.0] according to the pattern. The trend will be downward until this zone is broken out.

XAUUSD trading tips for today:

  1. Sell from level 1330.2. TakeProfit: 1322, Target Zone [1312.7 – 1309.3]. StopLoss: 1334.
  2. Sell according to the pattern in Intermediary Zone [1339.7 – 1338.0]. TakeProfit: 1321.2, Target Zone [1317 – 1309.3]. StopLoss: according to the pattern rules.

XAGUSD

Silver price is being corrected in the long-term timeframe, but the trend is still upward. The key support is in the price range of [15.49 – 15.42]. If this zone is reached, look for purchases according to the pattern with a target at February’s highs.

The short-term uptrend continues as the buyers are holding the key support [15.85 – 15.81]. If there is a pattern and the resistance Additional Zone [15.96 – 15.94] is broken out, I recommend buying silver with a target at the February’s highs.

Otherwise, the price will break through IZ and consolidate below, which will reverse the trend downward and suggest buying. If so, the sell target will be the lower Target Zone [15.49 – 15.42].

XAGUSD trading tips for today:

  1. Buy according to the pattern in Intermediary Zone [15.85 – 15.81]. TakeProfit: 16.2 StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Additional Zone [15.96 – 15.94]. TakeProfit: 15.77. 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 USCrude in real time mode

Analysis for oil, gold and silver for 27.02.2019

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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