WTI

During yesterday, oil quotes were corrected, giving an opportunity to sell at favourable prices. The key resistance is still far, so let’s turn to shorter timeframes analysis.

As you see in the chart below, oil price tested the key resistance of the short-term downtrend and was closed below. The key support is Intermediary Zone [51.16 – 51.05]. So, the trend remains downward and we look for sells up to Gold Zone [49.52 – 49.41].

We will buy oil in case the key resistance is outbroken and American session closes above. In this situation the target will be upper Target Zone [52.40 – 52.17].

Trading tips for today:

Sell from Intermediary Zone [51.16 – 51.05]. TakeProfit: Gold Zone [49.52 – 49.41]. StopLoss: at Stop Zone [51.66 – 51.61].


GOLD

A few levels left for gold to reach the middle-term target. I remind you that we marked Target Zone 2 [1263.3 – 1258.4] as the target as early as on September,19.

We don’t close sell positions up to level 1263.3. In the middle-term support zone I recommend to close the most or even all the sell positions and be prepared to a possible correction.

In case the correction development of the current prices, the key resistance will be Intermediary Zone, with the borders at [1293.2 – 1298.8]. If the low is renewed, then the zone, correspondingly, will be shifted downward. After the key resistance zone is reached, I recommend to look for sells further in the trend with the target of the local extreme renewal.

We won’t consider buys until IZ outbreak and consolidation, only after this, we will buy gold up to upper Target Zone [1320.2 – 1315.3].

Trading tips for today:

Sell from Intermediary Zone [1293.2 – 1298.8]. TakeProfit: Target Zone 2 [1263.3 – 1258.4]. StopLoss: at Stop Zone [1304.2 – 1303.0].


SILVER

Silver is trading in the middle-term downtrend. Sell target is Target Zone 2 [15.82 – 15.70]. The target is far and middle-term, so for intraday trading, I recommend to turn to shorter marginal zone analysis.

The short-term trend is downward. Sell target is Gold Zone [16.33 – 16.30]. We don’t close sell positions from the key resistance of October, 4 up to the target.

The resistance zone and the trend border is Intermediary Zone [16.83 – 16.81]. When it is reached, we will again primarily look for short positions.

In case the structure is disrupted (IZ outbreak and consolidation above), the local trend will change to an upward one. Then we will buy silver and set take profit at upper TZ [17.16 – 17.10].

Trading tips for today:

Don't close sell positions in Intermediary Zone [16.84 – 16.81]. TakeProfit: Gold Zone [16.33 – 16.30]. StopLoss: at breakeven.

 

IZ - Intermediary Zone: responsible for changing the priority direction of the price movement.

TZ - Target Zone: a zone that, with a probability of 75%, will be reached after the breakdown of the IZ.

GZ - Gold Zone: zone in the medium-term impulse.

SZ - Stop Zone: point of Stop Loss setting, selected statistically.

All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.






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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