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 reached the resistance (B) within an upward correction.
The article covers the following subjects:
Major Takeaways
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USCrude: oil has started an upward correction, targeting to test the resistance (A) 69.84 – 69.54.
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XAUUSD: gold has reached the resistance (B) 2631 – 2623 during an upward correction.
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EURUSD: the euro is trading in an upward correction within the short-term downtrend.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil started an upward correction. If the correction continues today, the price may test the resistance (A) 69.84 – 69.54. Once this zone is tested, consider short trades with the first target of 68.18 and the second one of 66.51.
If the price breaks through the resistance (A) today, the correction will extend to the resistance (B) 71.51 – 71.05, the trend’s boundary. Consider short trades near this zone.
USCrude Trading Ideas for Today:
Sell at resistance (A) 69.84 – 69.54. TakeProfit: 68.18, 66.51. StopLoss: 70.44.
Gold Forecast for Today: XAUUSD Analysis
Gold has touched the resistance (B) 2631 – 2623 within an upward correction. Consider short trades near this zone within the short-term downtrend with the first target of 2584 and the second one near 2536.
If the price pierces the resistance (B) today, the short-term downtrend will reverse. In this case, consider long trades with the target in the upper Target Zone 2726 – 2709.
XAUUSD Trading Ideas for Today:
Sell at resistance (B) 2631 – 2623. TakeProfit: 2584, 2536. StopLoss: 2651.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro traded in an upward correction within a short-term downtrend. The price tried to test the resistance (A) 1.0619 – 1.0608. However, the asset has remained below this zone. Therefore, the quotes may reach it today. Once the resistance (A) is hit, consider short trades with the first target of 1.0557 and the second one near 1.0496.
If the price breaks through the resistance (A) today, the correction will continue to the resistance (B) 1.0681 – 1.0664, the short-term downtrend’s boundary. Thus, once the price touches this zone, one may consider short trades.
EURUSD Trading Ideas for Today:
Sell at resistance (A) 1.0619 – 1.0608. TakeProfit: 1.0557, 1.0496. StopLoss: 1.0640.
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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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