WTI, XAU/USD, XAG/USD Analysis 18.07.2018
LiteForex | Jul 18, 2018 06:32AM ET
Precious metals prices broke out from middle-term supports. They are to consolidate below.
WTI
WTI Oil price broke out of Target Zone 2 [67.45 – 67.13] yesterday. It hasn’t yet been consolidated. If the US session confirms the breakout today, the price will fall towards Target Zone 3 [64.20 – 63.88].
In oil 1H chart, we can see the short-term downtrend developing.
WTI price is now trading a little lower the strong support TZ2. If it is corrected towards the strong resistances and a pattern emerges, I recommend selling WTI with a target in Gold Zone [65.55 – 65.39].
The key resistance is at [68.09 – 67.93]; as long as is held by buyers, sells are not relevant.
Today's trading tips for WTI:
Sell according to the pattern in Intermediary Zone [68.09 – 67.93]. TakeProfit: 66.43, Gold Zone [65.55 – 65.39]. StopLoss: according to the pattern rules.
XAU/USD
Gold price broke out Target Zone 4 [1241.2 – 1238.1]. It will consolidate if the US session closes below the zone. If it is so, Target Zone 5 [1210.2 – 1207.1] is likely to be reached by the price. Then, we will look for sells at good prices.
According to margin zones analysis, gold continues trading down in the short term. Now, gold quotes are trading below Target Zone [1234.9 – 1231.8], and the target is Gold Zone [1219.4 – 1217.9].
For today, I recommend looking for gold sells either in Additional Zone [1232.9 – 1232.1], or in Intermediary Zone [1241.4 – 1239.8]. We will fix a part of profits at the low renewal, and close all positions in GZ.
Today's trading tips for XAU/USD:
- Sell according to the pattern in Additional Zone [1232.9 – 1232.1]. TakeProfit: 1224.9, Gold Zone [1219.4 – 1217.9]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [1241.4 – 1239.8]. TakeProfit: 1224.9, Gold Zone [1219.4 – 1217.9]. StopLoss: according to the pattern rules.
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XAG/USD
Silver sellers broke out Target Zone 2 [15.83 – 15.75]. If they consolidate below the zone, the next target in the downtrend will be in Target Zone 3 [15.11 – 15.03].
In silver 1H time frame, it is clear that silver price reached Gold Zone 2 [15.47 – 15.43]. This zone is the strong support, so, I recommend closing most of sales at the current prices.
XAG/USD quotes will continue falling if the US session closes below 15.43. If so, the target will be Target Zone 3 [15.11 – 15.03].
I recommend selling on the correction, provided there is a pattern. THE strong resistances are now Additional Zone [15.65 – 15.63] and Intermediary Zone [15.83 – 15.81].
Today's trading tips for XAG/USD:
- Sell according to the pattern in Additional Zone [15.65 – 15.63]. TakeProfit: Gold Zone [15.47 – 15.43]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [15.83 – 15.81]. TakeProfit: Gold Zone [15.47 – 15.43]. 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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