Welcome, my fellow traders! I have prepared a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of the margin zones method and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
Gold’s price is pulling back in a correction within the short-term uptrend.
The article covers the following subjects:
Major Takeaways
- USCrude: After hitting the support B at 58.17–57.75, oil is rising, targeting 60.06.
- XAUUSD: Gold is trading in a correction within the short-term uptrend after reaching the first bullish target near 4,210.
- EURUSD: The euro will likely reverse its downtrend if it settles above 1.1656.
Oil Price Forecast for Today: USCrude Analysis
The oil price is trying to extend its short-term uptrend, rebounding from the key support 58.17–57.75. The first bullish target is 60.06, while the second one is the October 24 high of 62.36. Consider holding the previously opened long positions.
An alternative scenario assumes that if the oil price breaks below the key support in the US trading session, the short-term uptrend will reverse, and the Target Zone 53.97–53.13 will become a bearish target.
USCrude Trading Ideas for Today:
Hold long trades opened at support B 58.17–57.75. TakeProfit: 60.06, 62.36. StopLoss: 56.95.
Gold Forecast for Today: XAUUSD Analysis
The price of gold is declining in a correction within the short-term uptrend. This week, the asset tested the support at 4,164–4,154 but failed to pierce it. As a result, the price started to grow and hit the first target of 4,210. However, the second target near 4,264 was not reached.
If gold’s price tests the support A again, one may consider long trades again, with the first target at 4,210 and the second one at 4,264. If the asset breaks below the support A today, the correction will continue to the support B 4,114–4,099. This zone is the trend boundary. Therefore, consider long trades near it.
XAUUSD Trading Ideas for Today:
Hold part of long trades opened at support A 4,164–4,154. TakeProfit: 4,264. StopLoss: at the breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro price exceeded its November high of 1.1656 and broke above the resistance 1.1647–1.1630. If the price consolidates above this high, the short-term downtrend will reverse. In this case, consider long trades with a target in the upper Target Zone 1.1825–1.1792.
If the euro/dollar price returns below 1.1656, the short-term downtrend will remain in place. In this case, consider short trades with the first target at 1.1562 and the second one at 1.1468.
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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