2019-12-20 2018-06-20 Analysis for oil, gold and silver for 20.06.2018 Alex Rodionov 2019-12-202018-06-20

Today is full of important macroeconomic news

WTI

Oil price is being corrected to the middle-term downtrend. The key resistance is at [66.17 – 65.92]. After they zone is reached and the pattern emerges, sell the instrument with the target in Target Zone 4 [62.84 – 62.59].

The local short-term trend is upward. Target Zone 4 [62.84 – 62.59] was tested and the pattern emerged yesterday. For today, it makes sense to hold on the purchases in the key support up to Target Zone [66.17 – 65.92]. You can also add more purchases during the price correction to the current upward momentum with a stop beyond yesterday’s low.

Selling will be relevant after the key support to the trend is broken out with consolidation. In this case, we will look for sell with the target in [63.24 – 62.98] the next trading day.

Today's trading tips for WTI:

Don’t close purchases in Intermediary Zone [64.51 – 64.39]. TakeProfit: Target Zone [66.17 – 65.92]. StopLoss: 64.13. Buy after 50% correction of the local uptrend. TakeProfit: Target Zone [66.17 – 65.92]. StopLoss: 64.13.

XAUUSD

Gold price achieved the main sell target of the last few weeks. Now, an accumulation zone can be formed and the price rebound from the support. Consider all upward moves up to Target Zone [1304.5 – 1301.4] as a correction.

The local trend is also downward. Yesterday, traders made a failed attempt to consolidate the price below Target Zone [1278.3 – 1275.2]. As the zone was held, the local correction can develop now, with a possible target in Intermediary Zone [1287.5 – 1286.0].

IZ is the key resistance to the trend, so, first, look for sells in the trend. If the zone is broken out with consolidation at the US session, we shall buy the metal with the target in the upper Intermediary Zone [1287.5 – 1286.0] the next trading day.

Today's trading tips for XAUUSD:

Sell according to the pattern in Intermediary Zone [1287.5 – 1286.0]. TakeProfit: 1271.4, Gold Zone [1262.8 – 1261.2]. StopLoss: according to the pattern rules.

XAGUSD

Silver is trading flat in the middle-term accumulation zone. It is clear in the longer timeframe.

According to margin zones, the trend reversed downwards after the resistance level [17.30 – 17.20] had been retested. Yesterday, the second US session confirmed the trend reversal; now the sell target is TZ 2 [15.83 – 15.75].

Yesterday, before the US session opened, the strong support Gold Zone [16.18 – 16.15] had been reached. So, the main sell pattern «TZ – GZ» was worked out. The price will go on falling after it is consolidated below 16.15.

Until it occurs, we can expect the correction to sell silver at good prices. The strong resistance zones are Additional Zone [16.39 – 16.37] and Intermediary Zone [16.59 – 16.55]. If there is a signal to sell in the strong resistances, put take profit at the renewing of the local low.

Today's trading tips for XAGUSD:

Sell according to the pattern in Additional Zone [16.39 – 16.37]. TakeProfit: Gold Zone [16.18 – 16.15]. StopLoss: according to the pattern rules. Sell according to the pattern in Intermediary Zone [16.59 – 16.55]. TakeProfit: Gold Zone [16.18 – 16.15]. StopLoss: according to the pattern rules.IZ - Intermediary

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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