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 has failed to break the Target Zone 6 and is retreating.
The article covers the following subjects:
Highlights and key points
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USCrude: oil is trading in an upward correction. If the price reaches the resistance (A) within the correction, one may consider short trades near this zone.
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XAUUSD: gold has failed to break the Target Zone 6, 2529 – 2514, and retreated. The bearish target is the support (A) 2481 – 2476.
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EURUSD: the euro’s short-term downtrend continues. If the price consolidates below the 1.1072 level, the decline will continue to the target at the September 3 low.
Oil price forecast for today: USCrude analysis
Oil is maintaining a short-term downtrend. Today, an upward correction is developing. If the correction continues, the asset will grow to the resistance area (A) 69.98 – 69.68. Once this area is reached, consider short trades with the first target of 68.35 and the second one at the Friday low of 66.71.
The trend’s boundary is shifting to 71.61 – 71.17. If the price tests this zone today, consider short trades near this area.
USCrude trading ideas for today:
Sell at resistance (A) 69.98 – 69.68. TakeProfit: 68.35. StopLoss: 70.54.
Gold forecast for today: XAUUSD analysis
Last week, gold tested the Target Zone 6, 2529 – 2514, again, and now the price is declining. Today, the asset will likely test the support (A) 2481 – 2476. If gold breaks through this zone, the correction will continue to the trend’s boundary 2452 – 2445. Consider long trades near this zone with the first target of 2488. The second bullish target will be the August high of 2531.
If the price remains above the support (A) and a buy pattern emerges, one may consider long trades near this zone with the target at the August high.
XAUUSD trading ideas for today:
Buy at support (B) 2456 – 2449. TakeProfit: 2488, 2531. StopLoss: 2428.
Euro/Dollar forecast for today: EURUSD analysis
The euro tested the short-term downtrend boundary 1.1165 – 1.1152 last week. After that, the price fell below the resistance (A) 1.1118 – 1.1110 and reached the first bearish target of 1.1072. Today, the asset will likely try to consolidate below the Friday low. If so, the decrease will continue to the target at the September 3 low near 1.1026.
If the price consolidates below 1.1026, the decline may continue to the lower Target Zone 1.0949 – 1.0924.
If the price remains above the September 3 low, an upward correction may start. Consider long trades during the correction.
EURUSD trading ideas for today:
Watch the market.
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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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