Metals are trading in the zones of good buy prices, according to margin zones

WTI

Look for more oil middle-term purchases with a target in Target Zone 2 [71.14 – 70.80]. Strong supports are in the price ranges of [67.69 – 67.35] and [65.74 – 65.40].

The short-term trend has slowed down after Gold Zone [69.24 – 69.07] was reached. Now, oil price is stuck between GZ and Additional Zone [68.33 – 68.24.

Look for new oil purchases according to the patetrns. If AZ is broken out, the correction is likely to develop towards Intermediary Zone [67.47 – 67.30].

WTI trading tips for today:

  1. Buy according to the pattern in Additional Zone [68.33 – 68.24]. TakeProfit: Gold Zone [69.24 – 69.07]. StopLoss: according to the pattern rules
  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 price is being corrected in the middle-term uptrend, whose target is Target Zone 2 [1225.3 – 1222.2]. The correction can develop down to the zone of good buy prices [1194.3 – 1180.2].

The short-term trend is upward. Now, gold price is being corrected, providing an opportunity to buy gold at good prices.

Look for buys in Intermediary Zone [1198.8 – 1197.3] with the first target around yesterday’s high and the second one in Target Zone 2 [1225.3 – 1222.2].

We shall sell XAUUSD when the trend reverses downwards; it will occur if the price breaks out the key support IZ and is closed below.

XAUUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [1198.8 – 1197.3]. TakeProfit: 1214.0, Target Zone 2 [1225.3 – 1222.2]. StopLoss: according to the pattern rules.


XAGUSD

Silver is trading between the key resistance [15.08 – 15.00] and Target Zone 4 [14.39 – 14.31]. TZ 4 is the middle-term support. I recommend expecting the resistance test and look for primarily sell positions.

Silver is still trading up in the short term. Now, silver price is being corrected with a possible target to test Intermediary Zone [14.59 – 14.55].

According to margin zones, silver is trading in the zone of good buy prices. To buy, we need a pattern like false breakout, double bottom or 1-2-3. Expect the pattern and buy with a target to renew yesterday’s target and reach Target Zone [15.08 – 15.00].

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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Price chart of XAUUSD in real time mode

Analysis for oil, gold and silver for 29.08.2018

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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