Short-term analysis for oil, gold, and EURUSD for 11.06.2021

I welcome my fellow traders! I have made a price forecast for US Crude, 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.

Yesterday, gold worked out a priority sell pattern in the zone of 1896-1891.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

A short-term oil uptrend continues. The main growth target is Target Zone 2 72.64 – 72.11.

Yesterday, there was a price correction and a test of the Additional Zone 69.16 – 69.03. The Additional Zone is the border of the intraday uptrend. The price didn’t break out the zone, which caused buyers’ reaction, i.e. price growth. The target of this growth is the resistance level of 70.41.

Today, it is profitable to look for new oil purchases according to the pattern, provided that the level of 70.41 has not been reached. If this level is tested, then it will be necessary to rearrange the margin zones and look for purchases at new supports.

It will be possible to sell oil after breaking out the support level of 62.22.

USCrude trading ideas for today:

  1. Open buy positions according to the pattern in 69.22 – 69.03. TakeProfit: 70.41. StopLoss: according to the pattern rules.

  2. Sell if the support level of 69.22 is broken out. TakeProfit: Intermediary Zone 67.84 – 67.57. StopLoss: beyond the next local high.


Gold price forecast for today: XAUUSD analysis 

Yesterday, gold worked out a priority sell pattern in the zone of 1896-1891. It was a sell in the correction to a short-term uptrend with a target in the Intermediary Zone 1881-1878.

After the release of economic news, the Intermediary Zone 1881 – 1878 was broken out. This led to the short-term trend reversal down. However, buyers again took the initiative and broke out the new Intermediary Zone 1894 – 1892.

To summarize, it turns out that gold recovered its short-term uptrend. Today, it is profitable to look for purchases at strong supports: the Additional Zone 1890 – 1889 and the Intermediary Zone 1879 – 1877.

XAUUSD trading ideas for today:

  1. Buy according to the pattern in Additional Zone 1890 – 1889. TakeProfit: 1901, Target Zone 1919 – 1914. StopLoss: according to the pattern rules.

  2. Buy according to the pattern in Intermediary Zone 1879 – 1877. TakeProfit: 1901, Target Zone 1919 – 1914. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis  

A short-term euro downtrend continues. The trend target is to reach the Target Zone 1.2090 – 1.2072.

A false breakout sell pattern was formed yesterday. Today, sell euro according to this pattern with the target at the Target Zone 1.2090 – 1.2072.

A breakout of the resistance level of 1.2215 and the closing of the US trading session higher are required for the trend reversal and euro purchases. In this case, from Monday, buy the euro with a target at the upper Target Zone 1.2297 – 1.2280.

EURUSD trading ideas for today:

Sell according to the pattern in Intermediary Zone 1.2200 – 1.2192. TakeProfit: Target Zone 1.2090 – 1.2072. StopLoss: 1.2218.


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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 LiteForex. 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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