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 its first bearish target today.
The article covers the following subjects:
Highlights and key points
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USCrude: oil is trying to continue the downward movement with the target of 69.28.
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XAUUSD: gold has reached its first bearish target near 2674 within the short-term downtrend.
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EURUSD: the euro maintained its short-term downtrend on Friday. As a result, the price has approached the November 6 low.
Oil price forecast for today: USCrude analysis
On Friday, oil tested the short-term downtrend’s key resistance 72.01 – 71.51 again, but bears managed to hold the price below this zone. As a result, the quotes have declined. However, the asset failed to reach below the November 6 low. Therefore, if the growth starts, the price may pierce the key resistance and reverse the downtrend. In this case, consider long trades with the target in the upper Target Zone 77.45 – 76.46.
If oil breaks through and consolidates below the 69.28 level today, short trades with the target of 66.56 can be considered.
USCrude trading ideas for today:
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Sell below 69.28. TakeProfit: 66.56. StopLoss: 70.50.
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Buy above 72.00. TakeProfit: 74.20. StopLoss: 71.00.
Gold forecast for today: XAUUSD analysis
Today, gold has reached its first bearish target near 2674 within the short-term downtrend. The next target is the November 7 low. If the price falls below this low, the Target Zone 2625 – 2608 can be tested. If the quotes pierce the Target Zone, the asset may drop further to the Gold Zone 2570 – 2564.
If the price starts to climb today, the asset may exceed the November 8 high and break through the resistance (A). In this case, the quotes will likely test the key resistance 2738 – 2729.
XAUUSD trading ideas for today:
Hold up sales opened at resistance (A) 2706 – 2700. TakeProfit: 2643. StopLoss: at the breakeven.
Euro/Dollar forecast for today: EURUSD analysis
On Friday, the euro maintained its short-term downtrend. As a result, the price has reached its first bearish target near 1.0744 and approached the second one near 1.0682. Today, consider closing the remaining short trades at the current prices.
If the asset breaches the Gold Zone 1.0682 – 1.0670 today, the next target within the short-term trend will be the lower Target Zone 1.0570 – 1.0547. If the quotes increase today and break through the 1.0744 level, the correction may continue with the target above the November 7 high.
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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