Market analysis suggests a clash of middle-term and short-term trends

WTI

Oil downtrend develops. The key resistance is in the range of [70.00 – 69.65]. If WTI price reaches the zone, I recommend looking for a sell pattern. The target for short trades will be Target Zone 2 [67.25 – 66.91] and renewing the low of July 17.

Oil short-term trend is upward. At the end of last week, oil prices were down into the zone of good buy prices [68.63 – 67.60]. I think the correction is not over yet, so one can aggressively sell WTI from Additional Zone [68.88 – 68.80], aiming at testing Intermediary Zone [67.77 – 67.60].

When WTI quotes reach IZ, first of all, look for buy signals. The target fro long trades will be the upperTarget Zone [70.00 – 69.65].

WTI trading tips for today:

  1. Aggressively: sell from Additional Zone [68.88 – 68.80]. TakeProfit: 67.98, Intermediary Zone [67.77 – 67.60]. StopLoss: 69.26.
  2. Buy according to the pattern in Intermediary Zone [67.77 – 67.60]. TakeProfit: Target Zone [70.00 – 69.65]. StopLoss: according to the pattern rules.

XAUUSD

Gold is trading down in the middle-term on Monday. Last week, there was an attempt of the price correction towards the key resistance [1245.6 – 1242.5]. Now, gold price is gain approaching the local lows. I don’t recommend selling at the current prices, as well as buying. These recommendations are relevant for trading gold in the middle-term.

Gold short-term trend remains upward. Buy target is Target Zone [1245.6 – 1242.5].

Currently, gold price is testing Target Zone [1245.6 – 1242.5]. It is highly likely to renew Friday’s low, and next, I recommend watch the instrument...Buying gold will be relevant if there is a reversal pattern, for example, false breakout.

Selling will be relevant if the US session closes below IZ today. In this case the target will be the lower Target Zone [1204.2 – 1201.1].

XAUUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [1219.7 – 1218.2]. TakeProfit: Target Zone [1245.6 – 1242.5]. StopLoss: according to the pattern rules.


XAGUSD

Silver continues trading down in the middle-term. Good prices to trade in the trend are in the range of [15.92 – 15.75].

Silver short-term trend is upward, however, XAGUSD price is being corrected now. The correction target is the key support [15.26 – 15.22] test. After the zone is tested, expect a buy signal and buy silver with a target in Target Zone [15.92 – 15.85].

Alternative scenario: sell after the U.S. trading session closes below 15.22.

XAGUSD trading tips for today:

Buy according to the pattern in Intermediary Zone [15.26 – 15.22]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. 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 30.07.2018

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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