2019-12-20 2018-06-18 Analysis for oil, gold and silver for 18.06.2018 Alex Rodionov 2019-12-202018-06-18

Oil prices and precious metals prices significantly drew down at the end of last week

WTI

Oil middle-term trend extends. Pay attention to where the momentum has started from – the key resistance [66.97 – 66.72]. The first downward target was reached, June 5 low was renewed. The next target is Target Zone 4 [62.84 – 62.59].

The trend border is now at [66.17 – 65.92].

The local trend reversed downwards on Friday. As a result of reversal pattern, the key support [65.60 – 65.37] was broken through. After that, TZ [64.46 – 64.21] was reached in a day, and the zone was broken out at the Asian session today. The price hasn’t yet been consolidated below level 64.21, so it is still too early to expect the quotes to fall deeper, towards Gold Zone [63.19 – 63.06].

But we can count on the correction, aiming at selling WTI at good prices. If the price reaches the key resistance to the trend, the zone of [64.77 – 64.64], I recommend looking for sell signals. The target will be renewing the local low.

Today's trading tips for WTI:

Sell according to the pattern inIntermediary Zone [64.77 – 64.64]. TakeProfit: 63.38. StopLoss: according to the pattern rules

XAUUSD

Gold middle-term momentum extended without the resistance zone [1316.2 – 1313.1] test. The decreasing target is Target Zone 3 [1272.2 – 1269.1]. The trend borders are now at [1309.5 – 1306.4].

The short-term trend reversed downwards on Friday. Finally, only one buy target was reached.

TZ [1278.3 – 1275.2] was reached within the current trend. It hasn’t been broken through, so there is the local correction now.

If the price reaches Additional Zone [1284.0 – 1283.2] or Intermediary Zone [1292.5 – 1291.0], look for sells targeting last week’s low.

Today's trading tips for XAUUSD:

Sell according to the pattern in Additional Zone [1284.0 – 1283.2]. TakeProfit: 1275.0. StopLoss: according to the pattern rules. Sell according to the pattern in Intermediary Zone [1295 – 1291.0]. TakeProfit: 1275.0. StopLoss: according to the pattern rules.

XAGUSD

XAGUSD instrument, unlike gold, is trading up in the middle-term: lows and highs are moviing up, the key support is still held. The key support to the trend is Target Zone [16.55 – 16.47].

Let’s study the short-term trend. It reversed downwards on Friday. IZ was broken out, and Target Zone [16.55 – 16.47] was reached.

To trade during the day/week, you can look for sells from the strong resistance levels, aiming to renew the local low. The most promising in this respect is Intermediary Zone [16.81 – 16.77] that is the short-term trend’s border.

If the zone is broken through, the trend will reverse upwards, and the target will be the upper TZ [17.20 – 17.13].

Today's trading tips for XAGUSD:

Sell according to the pattern in Intermediary Zone [16.81 – 16.77]. TakeProfit: 16.50. 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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