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 is trading in a short-term downtrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil continues to grow.
- XAUUSD: Gold is trying to continue trading in a short-term downtrend.
- EURUSD: The euro is testing the short-term downtrend’s boundary 1.1289 – 1.1269.
Oil Price Forecast for Today: USCrude Analysis
Oil continues to rise within a short-term uptrend. The first bullish target was reached on May 16. The next target is the May 13 high. If the price manages to stay above this mark, the asset will likely break through the Target Zone 63.61 – 62.83. If so, consider long trades with a target in the Gold Zone 65.70 – 65.44.
An alternative scenario suggests that the price may pierce the support (A) 60.85 – 60.59 and slide to the support (B) 59.55 – 59.16.
USCrude Trading Ideas for Today:
Hold up long trades opened at support (A) 60.85 – 60.59. TakeProfit: 63.46. StopLoss: at the breakeven.
Gold Forecast for Today: XAUUSD Analysis
Gold is trading in a short-term downtrend. Yesterday, traders could initiate short trades near the resistance (B) 3244 – 3233. Consider holding these trades open today. The first bearish target is 3182, and the second one is the Gold Zone 3135 – 3127.
An alternative scenario assumes that the price may break through the resistance (B). In this case, the short-term downtrend will reverse, and the upper Target Zone 3368 – 3345 will become a bullish target.
XAUUSD Trading Ideas for Today:
Hold up sales opened at resistance (B) 3244 – 3233. TakeProfit: 3182, 3120. StopLoss: 3267.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is climbing and testing the resistance (B) 1.1289 – 1.1269. If the price pierces this zone, the short-term downtrend will reverse. In this case, one may consider long trades with a target in the upper Target Zone 1.1514 – 1.1473.
If the asset remains below the resistance (B) today and a corresponding bearish pattern forms, short trades can be considered with the target at the lower Target Zone 1.1165 – 1.1124.
EURUSD Trading Ideas for Today:
Watch the market.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of XAUUSD in real time mode
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