Short-term Analysis for Oil, Gold, and EURUSD for 08.07.2024

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.

The oil price is trading in a downward correction with the target at the support (A).

The article covers the following subjects:

Highlights and key points

  • USCrude: Oil is correcting downward with the target at the support (A). Consider long trades from this zone with the target at the July 5 high.

  • XAUUSD: Gold’s short-term downtrend has reversed. The quotes will likely grow to the target of 2451 – 2436. The nearest support level is at 2342 – 2337.

  • EURUSD: The euro’s short-term downtrend has reversed. The bullish target is the Target Zone 1.0943 – 1.0918. Consider long trades at the support (A) and support (B).

Oil price forecast for today: USCrude analysis

The oil trades in a downward correction with the target at the support (A) 81.19 – 80.92. After the price tests this zone, one may consider long trades with the target at the July 5 high. If the asset reaches above this level, the next bullish target will be the Gold Zone 84.75 – 84.45.

If the price breaks through the support (A) today, the correction will continue to the trend’s boundary 79.82 – 79.41. Consider long trades in this zone.

USCrude trading ideas for today:

  1. Buy according to the pattern at support (A) 81.19 – 80.92. TakeProfit: 83.87. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (B) 79.82 – 79.41. TakeProfit: 83.87. StopLoss: according to the pattern rules.


Gold forecast for today: XAUUSD analysis 

Last week, gold broke through the short-term downtrend boundary 2369 – 2361. Thus, the short-term downtrend reversed. Consider long trades with the highest target within the upper Target Zone 2451 – 2436 today.

If the downward correction starts, the price will drop to the support (A) 2342 – 2337. Once gold tests this zone, consider long trades with the main target at the July 5 high. 

XAUUSD trading ideas for today:

  1. Buy according to the pattern at support (A) 2342 – 2337. TakeProfit: 2392. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (B) 2317 – 2310. TakeProfit: 2392. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis

Last week, the euro’s short-term trend turned bullish. The price broke through the trend’s boundary 1.0804 – 1.0792. Now, the bullish target is the upper Target Zone 1.0943 – 1.0918.

Consider long trades in a correction at the strong support (A) 1.0758 – 1.0750 and support (B) 1.0716 – 1.0704. Thus, if the price corrects to any of these areas, one may consider long trades according to the pattern with the main target at the July 5 high. If the price reaches above the July 5 high today, the support zones may shift higher. 

EURUSD trading ideas for today:

  1. Buy according to the pattern at support (А) 1.0758 – 1.0750. TakeProfit: 1.0841. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (B) 1.0716 – 1.0704. TakeProfit: 1.0841. StopLoss: according to the pattern rules.


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

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Price chart of USCRUDE 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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This post is originally published on LITEFINANCE.

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