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 started a correction and broke through the support (A) 2630 – 2625 yesterday.
The article covers the following subjects:
Highlights and key points
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USCrude: oil has corrected to the short-term uptrend’s support (B) 73.38 – 72.93.
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XAUUSD: gold has breached the support (A) 2630 – 2625 and will likely test the support (B) 2603 – 2594.
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EURUSD: the euro is trying to continue its short-term downtrend and pierce the Target Zone 1.0962 – 1.0936.
Oil price forecast for today: USCrude analysis
Yesterday, oil reached the support (B) 73.38 – 72.93 during a correction within the short-term uptrend. However, the price has remained above this zone. Thus, consider long trades near this zone with the first target of 75.42. If this level is breached, the growth will continue to the target at the October 8 high of 77.91.
If the asset breaks through the support (B) today, the short-term uptrend will reverse. In this case, the price may fall to the lower Target Zone 68.92 – 68.02.
USCrude trading ideas for today:
Buy at support (B) 73.38 – 72.93. TakeProfit: 75.42, 77.91. StopLoss: 72.00.
Gold forecast for today: XAUUSD analysis
Gold started a correction and pierced the support (A) 2630 – 2625 yesterday. Now, the price may fall to the support (B) 2603 – 2594. Once this zone is reached, one may consider long trades with the first target of 2640 and the second one near 2685.
If the price breaches the support (B) today, the short-term uptrend will reverse. In this case, consider short trades with the target at the lower Target Zone 2528 – 2512.
XAUUSD trading ideas for today:
Buy at support (B) 2603 – 2594. TakeProfit: 2640, 2685. StopLoss: 2578.
Euro/Dollar forecast for today: EURUSD analysis
The euro is trying to break through the lower Target Zone 1.0962 – 1.0936. If so, the price may decline to the Gold Zone 1.0878 – 1.0869. Traders may close their high-volume short positions near this zone, causing an upward correction.
If the asset fails to pierce the Target Zone today, an upward correction to the resistance (A) 1.1043 – 1.1035 may emerge. Once this zone is tested, consider short trades with the first target of 1.0997 and the second one of 1.0951.
EURUSD trading ideas for today:
Sell at resistance (A) 1.1043 – 1.1035. TakeProfit: 1.0997, 1.0951. StopLoss: 1.1064.
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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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