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 trade in a short-term uptrend.
The article covers the following subjects:
Highlights and key points
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USCrude: oil has reached the upper Target Zone 74.59 – 73.70. If the price breaks through this zone, the next bullish target will be the Gold Zone 76.98 – 76.67.
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XAUUSD: gold is trying to continue its short-term uptrend with the target of 2685.
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EURUSD: the euro is trading in a correction within the short-term downtrend. Consider short trades at the resistance (A) 1.1100 – 1.1092.
Oil price forecast for today: USCrude analysis
Oil has reached the upper Target Zone 74.59 – 73.70 within the short-term uptrend. If the growth continues, the price may breach and consolidate above the Target Zone. In this case, the next bullish target will be the Gold Zone 76.96 – 76.67.
If the asset remains below the Target Zone, a downward correction will start. The quotes may drop to the support (A) 70.78 – 70.48 or the support (B) 69.30 – 68.85 during the correction. Once these zones are reached, consider long trades with the highest target near 73.75.
USCrude trading ideas for today:
Buy at support (A) 70.78 – 70.48. TakeProfit: 72.12, 73.75. StopLoss: 69.89.
Gold forecast for today: XAUUSD analysis
Gold is maintaining a short-term uptrend. Now, the main bullish target is 2685. If the price consolidates above this level, the next target will be the Target Zone 2740 – 2729.
Consider long trades on a correction at the support (B) 2603 – 2594, once this zone is tested and a corresponding pattern emerges.
The price should pierce and consolidate below the 2594 level to allow traders to open short trades and reverse the trend. If so, the bearish target will be the lower Target Zone 2528 – 2512.
XAUUSD trading ideas for today:
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Hold up long trades opened at support (A) 2633 – 2627. TakeProfit: 2685. StopLoss: at the breakeven.
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Buy at support (B) 2603 – 2594. TakeProfit: 2640, 2684. StopLoss: 2578.
Euro/Dollar forecast for today: EURUSD analysis
The euro is trading in a short-term downtrend. The main bearish target is the lower Target Zone 1.0962 – 1.0936. The price is trading in a correction. If the correction continues today, the asset may test the resistance (A) 1.1100 – 1.1092. Once this zone is tested, consider short trades with the first target of 1.1054 and the second one near yesterday’s low of 1.1008.
The trend’s boundary is shifting to 1.1146 – 1.1134. If the price approaches this zone, one may consider short trades near it.
EURUSD trading ideas for today:
Sell at resistance (A) 1.1100 – 1.1092. TakeProfit: 1.1054, 1.1008. StopLoss: 1.1118.
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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.
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