Short-term Analysis for Oil, Gold, and EURUSD for 01.11.2024

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 corrected yesterday.

The article covers the following subjects:

Highlights and key points

  • USCrude: oil is testing the resistance (A) 70.19 – 69.86. If the price fails to consolidate above this zone, the asset will decline to the first target of 68.37.

  • XAUUSD: gold has stopped falling after hitting the support (A) 2735 – 2729.

  • EURUSD: the euro has reached the resistance (A) 1.0884 – 1.0873 during a correction within the short-term downtrend.

Oil price forecast for today: USCrude analysis

Yesterday, oil continued its correction and hit the resistance (A) 70.19 – 69.86. If the price fails to settle above this area today, the decline will continue to the first target of 68.37 and the second one of 66.56. If bulls manage to hold the price above the resistance (A), the correction will extend to the resistance (B) 72.01 – 71.51, the trend’s boundary.

USCrude trading ideas for today:

Sell at resistance (A) 70.19 – 69.86. TakeProfit: 68.37, 66.56. StopLoss: 70.86.


Gold forecast for today: XAUUSD analysis

Gold traded in a correction yesterday and reached the support (A) 2735 – 2729 but failed to pierce it. Today, the price has approached the first bullish target near 2759. Consider closing some of the long trades, placing the rest at the breakeven level. If the asset breaks through the 2759 level today, the growth will continue to the target at the historical high of 2790. If not, the correction will proceed to the target at the support (B) 2707 – 2699.

XAUUSD trading ideas for today:

Hold up long trades opened at support (A) 2735 – 2729. TakeProfit: 2789. StopLoss: at the breakeven.


Euro/Dollar forecast for today: EURUSD analysis

The euro has touched the resistance (A) 1.0884 – 1.0873 during an upward correction but failed to settle above it. Therefore, consider short trades with the first target of 1.0822. If the asset pierces the 1.0822 level from above, the price may continue to fall with the target of 1.0761.

If the euro breaks through the resistance (A), the correction will continue to the trend’s boundary 1.0946 – 1.0929. Once this zone is tested, one may consider short trades.

EURUSD trading ideas for today:

Sell at resistance (A) 1.0884 – 1.0873. TakeProfit: 1.0822, 1.0761. StopLoss: 1.09046.


P.S. Did you like my article? Share it in social networks: it will be the best “thank you” 🙂

Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

Useful links:

  • I recommend trying to trade with a reliable broker here. The system allows you to trade by yourself or copy successful traders from all across the globe.
  • Use my promo code BLOG for getting deposit bonus 50% on LiteFinance platform. Just enter this code in the appropriate field while depositing your trading account.
  • Telegram chat for traders: https://t.me/litefinancebrokerchat. We are sharing the signals and trading experience.
  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders https://t.me/litefinance

Price chart of XAUUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

Rate this article:

{{value}} ( {{count}} {{title}} )

This post is originally published on LITEFINANCE.

  • Related Posts

    USDCHF: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

    The article covers the following subjects: Highlights and key points Main scenario: consider short positions from corrections below the level of 0.8700 with a target of 0.8200 – 0.8000. A…

    USDСAD: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

    The article covers the following subjects: Highlights and key points Main scenario: once the correction ends, consider long positions above the level of 1.3623 with a target of 1.4100 –…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    USDCHF: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

    • November 1, 2024
    USDCHF: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

    Oil climbs 2% on reports of Iran preparing strike on Israel

    • November 1, 2024
    Oil climbs 2% on reports of Iran preparing strike on Israel

    USDСAD: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

    • November 1, 2024
    USDСAD: Elliott wave analysis and forecast for 01.11.24 – 08.11.24

    China hopes US will continue climate change collaboration whoever wins election, official says

    • November 1, 2024
    China hopes US will continue climate change collaboration whoever wins election, official says

    Morning Bid: Amazon calms the horses, payrolls due

    • November 1, 2024
    Morning Bid: Amazon calms the horses, payrolls due

    Angola’s draft budget forecasts 2025 deficit of 1.65% of GDP

    • November 1, 2024
    Angola’s draft budget forecasts 2025 deficit of 1.65% of GDP