Commodities (oil, gold, silver) continue trading in the short-term uptrends

WTI

Continue looking for oil middle-term buy positions wit ha target in Target Zone 2 [71.14 – 70.80].

Oil is trading up in the shirt-term; there was an opportunity to enter buy trades according to the pattern in Additional Zone yesterday. You can fix a part of trades close to Gold Zone. Hold a part of purchases at the breakeven, the target is Friday’s high.

If the price is corrected towards the key support [67.47 – 67.30], look for new purchases. Targets are the same.

Alternative scenario: sell oil in case of level 67.30 breakout and consolidation below.

WTI trading tips for today:

  1. Hold up purchases in Additional Zone [68.33 – 68.24]. TakeProfit: Gold Zone [69.24 – 69.07]. StopLoss: at breakeven.
  2. Buy according to the pattern in Intermediary Zone [67.47 – 67.30]. TakeProfit: Gold Zone [69.24 – 69.07]. StopLoss: according to the pattern rules.

XAUUSD

Gold is trading up in the middle-term trend on Tuesday morning; the target is Target Zone 2 [1225.3 – 1222.2]. Look for gold purchases during the price correction towards the zone of [1194.3 – 1178.4].

In the short-term, gold is trading in the strong uptrend. Gold Zone [1208.2 – 1206.7] was broken out yesterday. The next target is Target Zone 2 [1225.3 – 1222.2].

If gold price is being corrected, look for long trades. It is relevant to buy up from the following strong supports:

- Additional Zone [1204.7 – 1204.0];

- Intermediary Zone [1197.0 – 1195.4].

XAUUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [1204.7 – 1204.0]. TakeProfit: 1212.1, Target Zone 2 [1225.3 – 1222.2]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [1197.0 – 1195.4]. TakeProfit: 1211, Target Zone 2 [1225.3 – 1222.2]. StopLoss: according to the pattern rules.

XAGUSD

Silver price is only being corrected in the general middle-term downtrend. To reverse the trend, buyers need break out the key resistance at [15.08 – 15.00]. Until then, look for sell positions.

Let’s study the short-term trend, according to smaller margin zones.

The local trend is upward. Buy target is Target Zone [15.08 – 15.00]. Yesterday, there worked out the previous scenario to buy and the local high was renewed; therefore, look for new buy trades today.

Good price to buy according to the pattern are in the support zones Additional Zone [14.69 – 14.67] and Intermediary Zone [14.51 – 14.47]. The latter is the trend border.

XAGUSD trading tips for today:

  1. Buy according to the pattern in Additional Zone [14.69 – 14.67]. TakeProfit: 14.87, Target Zone [15.08 – 15.00]. StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone [14.51 – 14.47]. TakeProfit: 14.87, Target Zone [15.08 – 15.00]. 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 28.08.2018

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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