WTI

The release of oil reserve data on Wednesday did not have any serious impact on the quotes of WTI crude oil. Yesterday's American trading session closed in the zone of key resistance at the Intermediary Zone [49.77 - 49.64]. This fact indicates that the momentum still remains descending. The downward movement targets are the levels 48.44 and the Target Zone [47.93 - 47.68].

Trading recommendations for WTI, GOLD, SILVER for 10.08.2017

Source: TradingView.

From the point of view of technical analysis, oil is "clamped" in a triangle, the exit from which will shed light on the future fate of the price.

From the point of view of marginal zones of the futures market, buying oil will be possible in case of breakdown of the IZ and consolidation above. Then I recommend buying oil with profit taking at the upper Target Zone [51.14 - 50.89].

Trading recommendations for WTI, GOLD, SILVER for 10.08.2017

Trading recommendations for today: sell from the zone [49.06 - 49.77]. TakeProfit 48.44, 47.97. StopLoss 50.27 + spread.


GOLD

Gold is trading in an upward local trend. Yesterday, the first buy target was reached - 1273.5. The level is broken, and the next level for consolidation is the Target Zone [1287.6 - 1283.7].

With local corrections, I recommend buying gold. The possible area for purchases at the moment are the prices [1268.6 - 1267.6]. Key support is the Intermediary Zone [1258.7 - 1256.8].

Selling gold will be possible only after the breakout of key support and closing below in the American session. In this case, we will sell the instrument with the purpose at the lower Target Zone [1239.0 - 1235.0].

Trading recommendations for WTI, GOLD, SILVER for 10.08.2017

Trading recommendations for today:

Aggressive: buy from the zone [1268.6 - 1267.6]. TakeProfit 1283.2. StopLoss 1263.7.

Conservative: buy from the zone [1258.7 - 1256.8]. TakeProfit 1283.2. StopLoss 1248.9.


SILVER

Silver changed its priority to the ascending trend after consolidation above the Intermediary Zone [16.65 - 16.60]. The downward momentum did not work out, so today we are looking for purchases of the precious metal. The target for purchases is the Target Zone [17.20 - 17.10].

I recommend to buy:

A) from the zone [16.69 - 16.60]. This is the price zone between the Additional Zone and the broken IZ;

B) from the key support - the correctional Intermediary Zone [16.44 - 16.39].

Silver sales under the alternative option will be available if key support is broken. In this case, the momentum will again change to the descending one and the target will be the lower TZ [15.94 - 15.84].

Trading recommendations for WTI, GOLD, SILVER for 10.08.2017

Trading recommendations for today:

  1. Buy from the zone [16.95 - 16.67]. TakeProfit 16.93, 17.09. StopLoss 16.55
  2. Buy from the zone [16.44 - 16.39]. TakeProfit 16.93, 17.09. StopLoss 16.19

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






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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