There is pattern to buy oil from the key support 

WTI

Oil is trading between the key resistance [52.98 – 52.57] and Target Zone 9 [47.89 – 47.48]. The trend is downward, so look for short trades.

There is a clear uptrend in the chart with additional margin zones. Yesterday, there emerged a pattern to buy with a target at Target Zone [52.98 – 52.57]. For now, I recommend buying oil according to the pattern.

The upward scenario will be canceled if oil price breaks out Intermediary Zone [50.36 – 50.15] and is consolidated below. If so, the target will be at the lower Target Zone [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.


XAUUSD

In the gold price chart, there is corrective rise. The key resistance of the middle-term downtrend at [1233.7 – 1230.3] 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. Yesterday, buyers were accumulating positions. As the high of November 28 was renewed yesterday, Additional Zone should be rearranged. Now it is in the range of [1220.5 – 1219.6]. After the zone is reached, buy gold with a stop beyond the level and take profit in Target Zone [1233.7 – 1230.3].

If the price goes back towards the key support, we shall look for a buy pattern again.

XAUUSD trading tips for today:

Buy in Additional Zone [1220.5 – 1219.6]. TakeProfit: Target Zone [1233.7 – 1230.3]. StopLoss: 1216.7.


XAGUSD

For silver, nothing has changed in the longer timeframe since yesterday. It is relevant to sell, the key resistance is at [14.68 – 14.61]. The first sell target is at 13.90.

In the short-term, I suggest holding purchases, opened in Additional Zone [14.21 – 14.19]. These trades are aggressive, as the local trend is downward. Buy target will be Intermediary Zone [14.49 – 14.45].

After Intermediary Zone is reached by silver price, I recommend looking for sells according to the pattern. As it is Friday today, even if there is a pattern, you’d better enter a trade next week.

To buy in the trend, traders need to break through IZ and consolidate above the zone.

XAGUSD trading tips for today:

  1. Hold on long trades in Additional Zone [14.29 – 14.27]. TakeProfit: Intermediary Zone [14.49 – 14.45]. StopLoss: 14.236.
  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 30.11.2018

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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