Hello, my fellow traders! Here’s my forecast for US Crude, XAUUSD, and EURUSD made using margin zones and classical technical analysis. Based on this analysis, I made a list of entry signals for intraday traders.
The gold price has corrected to support (А) 2735 – 2729.
The article covers the following subjects:
Highlights and key points
- USCrude: Oil has broken out resistance (А) 70.19 – 69.86 and is poised for growth with a target at 72.01 – 71.51, resistance (B).
- XAUUSD: Gold attempts to rise from support (А) 2735 – 2729.
- EURUSD: The euro has broken out resistance (А) 1.0884 – 1.0873 and is set to continue correction with a target at 1.0946 – 1.0929, resistance (B).
Oil Forecast for Today: USCrude Analysis
Oil has opened with a gap as OPEC+ announced a one-month delay in the planned December oil output increase on Sunday while markets were closed. Thus, oil has broken out resistance (А) 70.19 – 69.86 and is set to continue its upward correction with a target at 72.01 – 71.51, resistance (B). Resistance (B) is the short-term downtrend’s boundary. After it is reached, consider new shorts with the first target at 69.28 and the second at 66.56.
Trading plan for USCrude for today:
Sell from resistance (В) 72.01 – 71.51. TakeProfit: 69.28, 66.56. StopLoss: 73.03.
Gold Forecast for Today: XAUUSD Analysis
Last week, gold corrected to support (А) 2735 – 2729 within a short-term uptrend. The buyers managed to retain support (А) 2735 – 2729, provoking price growth and hitting the first buy target at 2759 on Friday. The second target was not reached, and the price is testing support (A) again.
If support (А) is broken to the downside, the correction will continue to support (В), 2707 – 2699, which is the trend’s boundary. Thus, we can consider new longs from support (B), with the first target at 2744 and the second at around 2790.
Trading plan for XAUUSD for today:
Buy from support (В) 2707 – 2699. TakeProfit: 2744, 2790. StopLoss: 2684.
EURUSD Forecast for Today: EURUSD Analysis
Last week, the euro traded in an ascending correction of a short-term downtrend and reached resistance (А) 1.0884 – 1.0873. However, the sellers retained that zone, pushing the price down to 1.0833. Today, markets have opened with a gap, and the price has broken resistance (А).
Concerningly, the trend’s boundary at 1.0946 – 1.0929, resistance (B), may be reached. Afterward, consider new shorts with the first target at 1.0853 and the second at 1.0761.
Trading plan for EURUSD for today:
Sell from resistance (В) 1.0946 – 1.0929. TakeProfit: 1.0853, 1.0761. StopLoss: 1.0977.
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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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