Oil sellers are testing strong support marked with margin zone


In the longer timeframe, you can see the correction continue in the middle-term downtrend. The key resistance moves to the range of [52.98 – 52.57]. Sell target is now in the range of [47.89 – 47.48].

If oil buyers break through the resistance today or tomorrow, we shall buy oil in the middle-term on the next trading day.

The local trend remains upward. Currently, the key support at [50.36 – 50.15] is being tested. One should look for a buy pattern and buy if it emerges. The target will be the yesterday’s high and Target Zone [52.98 – 52.57].

If sellers break out IZ with consolidation, the trend will reverse downwards and we shall sell oil down to the lower TZ [48.31 – 47.90].

WTI trading tips for today:

Buy according to the pattern in Intermediary Zone [50.36 – 50.15]. TakeProfit: Target Zone [52.98 – 52.57]. StopLoss: according to the pattern rules.


Gold price is rising again in the middle-term chart. The key resistance of the middle-term downtrend is in the way up. Until it is broken out, it will be relevant to sell. If it is broken through, we shall start buying with a target in Target Zone 2 [1267.7 – 1264.3].

The short -term uptrend continues. Gold price rebounded from the key support [1213.0 – 1211.3] yesterday. Additional Zone [1220.6 – 1219.7] that was the local resistance was broken out.

For today, I suggest looking for a buy entry with a target to reach Target Zone [1233.7 – 1230.3] and break through the high of November 21.

XAUUSD trading tips for today:

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.


Silver price is still being corrected. However, taking the yesterday’s news into account, buyers may break through the local high in the longer timeframe. According to margin zones, the trend remains downward. Technical analysis suggests uncertainty.

In the shorter timeframe chart, gold price broke through Additional Zone [14.29 – 14.27] on the news. Now, there is a clear false breakout pattern signaling to buy. I recommend work this idea out and enter long trades with the first target in Intermediary Zone [14.49 – 14.45].

If IZ is reached, there will be an opportunity to consider selling the instrument. To enter short trades, we also need a confirmation by technical analysis. The sell target will be the local low and the lower Target Zone [13.83 – 13.76].

XAGUSD trading tips for today:

  1. Buy in Additional Zone [14.21 – 14.19]. TakeProfit: Intermediary Zone [14.49 – 14.45]. StopLoss: 14.08.
  2. Sell according to the pattern in Intermediary Zone [14.49 – 14.45]. TakeProfit: 14.10, Target Zone [13.83 – 13.76]. 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 29.11.2018

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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