Short-term analysis for oil, gold, and EURUSD for 24.02.2021

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.

The oil price has returned below level 61.93. Going beyond this resistance is considered a false breakout.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

The oil price has returned below level 61.93. Going beyond this resistance is considered a false breakout. To form a corrective pattern, traders need to break out the support of 60.61. This will allow considering the oil sales with the first target in the zone of [58.39 – 57.94].

The short-term trend is up. The key support [60.66 – 60.43] has been reached yesterday. This caused traders’ reaction, and the price momentum reached levels [61.86 – 61.74]. However, the price was down at the opening of the trading session today.

While the support [60.66 – 60.43] is holding, purchases according to the pattern are in the short-term priority. The price needs to break out the level of 61.93 to form a pattern.

To reverse the trend, it is required to consolidate the price below the level of 60.43 at the US trading session. This will allow considering oil sales with the target at Target Zone [58.39 – 57.94].

USCrude trading ideas for today:

  1. Buy according to the pattern in Intermediary Zone [60.66 – 60.43]. TakeProfit: Target Zone [63.54 – 63.09]. StopLoss: according to the pattern rules.

  2. If the price breaks out the support [60.66 – 60.43], sell. TakeProfit: Target Zone [58.39 – 57.94]. StopLoss: beyond the local high.

Gold price forecast for today: XAUUSD analysis 

The gold price is being corrected up, following the decline over the past two weeks. Traders are testing the resistance [1821 – 1815]. If the price doesn’t break out the resistance upside, it will go down to Target Zone 2 [1759 – 1749].

The short-term is down. Intermediary Zone [1821 – 1815] was reached yesterday. The price didn’t break out the zone. Selling priority remains. The targets will be the lower Target Zone [1775 – 1765] and the last week’s low. The breakout of the support level of 1801 will form the “1-2-3” pattern.

A breakout of level 1821 and the closing of the US trading session higher are required for the trend reversal and gold purchases. In this case, look for long trades with the target at the upper Target Zone [1881 – 1870].

XAUUSD trading ideas for today:

Sell according to the pattern in Intermediary Zone [1821 – 1815]. TakeProfit: Target Zone [1775 – 1765], 1760. StopLoss: according to the pattern rules.

Euro/Dollar forecast for today: EURUSD analysis 

The euro prices entered the supply zone [1.2180 – 1.2150]. It is profitable to look for a sell pattern in this area within the medium-term downtrend. The target is the February low.

In the chart of a shorter timeframe, the price is trading in a short-term uptrend.

Yesterday the traders tested the support [1.2140 – 1.2136]. The price didn’t break out the zone. Today, look for a pattern to buy the euro in this zone. The target will be the upper Target Zone [1.2200 – 1.2183].

If the support [1.2140 – 1.2136] is broken out, it will be possible to work in the correction with the target at the Intermediary Zone [1.2100 – 1.2092]. Intermediary Zone serves as the border of the trend.

EURUSD trading ideas for today:

  1. Buy according to the pattern in Additional Zone [1.2140 – 1.2136]. TakeProfit: Target Zone [1.2200 – 1.2183]. StopLoss: according to the pattern rules.

  2. Sell when the Additional Zone [1.2140 – 1.2136] is broken out. TakeProfit: Intermediary Zone [1.2100 – 1.2092]. StopLoss: beyond the local high.

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Price chart of USCrude 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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