Silver short-term trend reversed downwards, following gold

USCrude

Oil price increased yesterday. It started rising after Target Zone 3 [54.98 – 54.59] test. If the high is broken through, the key support should be rearranged. If the oil price is going down again, we shall again look for purchases in the zone of good buy prices [54.98 – 53.17].

The local downtrend contradicts to the middle-term uptrend. The price is currently testing the trend key resistance, Intermediary Zone [56.87 – 56.68].

Currently, it is relevant to look for sales according to the pattern in the zone. The target will be the low of February 26 and Target Zone [53.56 – 53.17].

If the key resistance is broken out with consolidation above, we shall start buying on the next trading day.

 

USCrude trading tips for today:

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, hold on the aggressive short trade 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].

Yesterday, the local low was broken through and the price was consolidated below the level. Therefore, I recommend exiting a part of sell trades in Additional Zone, and moving the rest to breakeven.

The new resistance zones should be also marked. AZ is now at [1326.3 – 1325.4], and Intermediary Zone is at [1335.6 – 1333.9]. If the price is corrected up to the zones, we shall look for new sells to add to the opened ones.

 

XAUUSD trading tips for today:

Don’t close a part of sell positions from Additional Zone [1330.4 – 1329.5]. TakeProfit: Target Zone [1312.7 – 1309.3]. StopLoss: at breakeven.


XAGUSD

Silver price is slowly rolling back from Target Zone 3 [16.12 – 16.05]. TZ3 is global resistance to the middle-term uptrend.

If the price goes down to the lower Target Zone [15.49 – 15.42], I’ll recommend buying according to the pattern.

Yesterday was remarkable by profits made from exiting sell trades from Additional Zone [15.96 – 15.94] on the low renewal.

The US trade session closed below yesterday Intermediary Zone [15.85 – 15.81], and so, the short-term trend reversed downwards.

I recommend entering new sell trades in the correction and from strong resistances, including Additional Zone [15.90 – 15.88] and Intermediary Zone [15.09 – 15.06].

 

XAGUSD trading tips for today:

  1. Sell according to the pattern in Additional Zone [15.90 – 15.88]. TakeProfit: 15.70, Target Zone [15.49 – 15.42]. StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone [15.09 – 15.06]. TakeProfit: 15.70, Target Zone [15.49 – 15.42]. 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 XAGUSD in real time mode

Analysis for oil, gold and silver for 28.02.2019

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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