Short-term uptrend for metals continues

WTI

In the USCrude H4 chart, you can see a correction up in the middle-term downtrend. It will be relevant to sell until the key resistance [52.48 – 52.12] is broken out.

Let’s see the current situation.

Oil short-term trend reversed upwards as Intermediary Zone [50.47 – 50.29] was broken out yesterday. Target Zone [52.48 – 52.12] was reached. For today, as the oil price is being corrected towards the key support, I suggest looking for oil purchases with the target to break through yesterday’s daily price high.

Alternative scenario: sell oil down to the lower Target Zone [52.48 – 52.12]. It will be relevant if the price breaks out IZ [50.26 – 50.08] at the US session and closes below.

WTI trading tips for today:

Buy according to the pattern in Intermediary Zone [50.26 – 50.08]. TakeProfit: Target Zone [52.48 – 52.12]. StopLoss: according to the pattern rules.


XAUUSD

Gold is trading below the key resistance [1233.7 – 1230.3]. I recommend looking for a signal to sell in the middle-term.

The local short-term trend is upward. Currently, the strong support Additional Zone [1221.5 – 1220.7] is being tested. To buy there, we need wait until a corresponding signal to appear.

The second zone to look for long trades is Intermediary Zone [1213.0 – 1211.3]. If it is reached by the price, I also recommend looking for buys in the trend wit ha target to break through the local high in Target Zone [1233.7 – 1230.3].

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

In the longer timeframe for silver chart, there is an attempt to break through level 14.22 and consolidate below. If it is successful, there will be a complete pattern to sell in the middle-term trend with the first target at 13.90.

Yesterday, the local correction downward continued after the recent rise. As a result, Additional Zone [14.38 – 14.37] was tested and the extreme was renewed.

As the key support [14.19 – 14.15] is being currently held, it is relevant to look for purchases, according to the methodology. The target will be the high of November 21 and Target Zone [14.68 – 14.61].

If silver sellers consolidate below 14.15, it won’t be relevant to buy.

XAGUSD trading tips for today:

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 27.11.2018

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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