WTI, XAU/USD, XAG/USD Technicals: 09.13.2018
LiteForex | Sep 13, 2018 09:00AM ET
WTI
Oil price reached the strong middle-term resistance Target Zone [70.76 – 70.45] 2 yesterday. As the zone hasn’t been broken out, the oil price is not likely to reach TZ 3 [73.86 – 73.55]. The middle-term trend is, however, upward and the last week’s local high is likely to be renewed.
The local trend is also upward. Oil traders tried to break out Target Zone [70.13 – 69.82], but the US session has closed inside the zone today. The resistance has been held, so, oil price may corrected towards the key support to the trend at [69.38 – 69.23].
After the support is reached, look for buys according to the pattern with the target to break thorough yesterday’s high and reach Gold Zone [71.52 – 71.37].
If IZ is broken out, the trend will reverse downwards, and we shall look for oil sales tomorrow.
Buy according to the pattern in Intermediary Zone [69.38 – 69.23]. Take Profit: 70.90, Gold Zone [71.52 – 71.37]. Stop Loss: according to the pattern rules.XAU/USD
Gold buyer had been accumulating positions, and started buying in the trend yesterday. The buy target is Target Zone 2 [1225.3 – 1222.2]. I recommend looking for the entry point in the shorter timeframes.
Let’s analyze the shorter timeframe.
Intermediary Zone [1204.8 – 1203.2] was broken out yesterday. The local trend reversed upwards. Today, we shall look for XAU/USD purchases with the a target in Target Zone [1221.8 – 1218.7].
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I recommend buying on the correction, in Additional Zone [1200.7 – 1200.0], with a stop beyond the zone at 1196.9. The first take profit is at the high renewal.
The second zone to look for buys is Intermediary Zone [1193.0 – 1191.4]. Look for trades according to the pattern there.
XAU/USD Тrading Tips
- Buy in Additional Zone [1200.7 – 1200.0]. Take Profit: 1208.2, Target Zone [1228 – 1218.7]. Stop Loss: 1196.9.
- Buy according to the pattern in Intermediary Zone [1193.0 – 1191.4]. Take Profit: 1208.2, Target Zone [1221.8 – 1218.7]. Stop Loss: according to the pattern rules.
XAG/USD
Silver price is being corrected slowly in the downtrend. If silver price reaches the key resistance [14.68 – 14.61], we shall look for purchases.
The short-term trend is downward. The silver price is approaching the key resistance [14.29 – 14.25]. It is still too early to sell in the zone, you’d better a technical pattern. If there is one, look for sells with the target to renew the low of September 11 and reach Gold Zone [13.87 – 13.83].
If Intermediary Zone is broken out from below with a consolidation, the trend will reverse upwards, and we shall start buying silver up to the upper Target Zone [14.68 – 14.61].
XAG/USD Trading Tips
Sell according to the pattern in Intermediary Zone [14.29 – 14.25]. Take Profit: Gold Zone [13.87 – 13.83]. Stop Loss: 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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