I welcome my fellow traders! I have made a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of margin zones methodology and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
Gold continues to strengthen.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is trading within a short-term downtrend, slightly below resistance (A) at 68.20 – 67.91.
- XAUUSD: Gold is testing the Target Zone 3008 – 2996.
- EURUSD: The euro is growing from support (A) 1.0843 – 1.0832.
Oil Price Forecast for Today: USCrude Analysis
Oil is trading within a short-term downtrend. Resistance (A) 68.20 – 67.91 was tested yesterday, but the zone held. Thus, the first downside target is a level of 66.60, and the second one is last week’s low near 65.00.
If resistance (А) is broken to the upside, the correction will continue up to the trend’s boundary at 69.81 – 69.37. Once this zone is tested, consider opening new shorts, with a target of 65.00.
USCrude Trading Ideas for Today:
Hold short positions near resistance (A) 68.20 – 67.91. TakeProfit: 66.60, 65.00. StopLoss: 68.79.
Gold Forecast for Today: XAUUSD Analysis
Gold continues to strengthen. Today, market participants are testing the Target Zone at 3008 – 2996. If this zone is broken to the upside, the price may continue growing to the Gold Zone 3065 – 3058. Once the Gold Zone is tested, wait for market participants’ reaction. Breaking above this zone will identify the next growth target while holding the zone will trigger a downward correction.
A correction from the current levels cannot be ruled out either. If it occurs, the price will likely test support (A) 2954 – 2948. After testing support (A), consider new longs, with the key target at today’s high.
XAUUSD Trading Ideas for Today:
Buy near support (А) 2954 – 2948. TakeProfit: 2982, 3017. StopLoss: 2937.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to trade in a short-term uptrend. Yesterday, market participants attempted to break through the Target Zone 1.0923 – 1.0902. Today, attempts to settle above this zone will likely continue. If quotes settle above the target zone, the next growth target will be the Gold Zone 1.1017 – 1.1006.
If the Target Zone holds, quotes could decline to support (A) 1.0843 – 1.0832. After support (A) is tested, consider opening new longs.
EURUSD Trading Ideas for Today:
Hold a part of longs near support (A) 1.0843 – 1.0832. TakeProfit: 1.0947. StopLoss: breakeven.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of XAUUSD in real time mode
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