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.
Short-term forecast for oil, gold, and euro-dollar today. Amid news concerning Iran, oil prices opened below the key support level today.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is in a downward correction.
- XAUUSD: Gold has hit the first downside target near 4,044.
- EURUSD: The asset has consolidated below the 1.1403 level.
Oil Price Forecast for Today: USCrude Analysis
Amid news concerning Iran, oil prices opened today below the key support zone of the short-term uptrend at 86.38–85.80. Thus, the short-term trend reversed to the downside. The lower target zone of 80.53–79.36 is a current sell target. Consider new sales on a correction.
Key resistance zones where short positions may be considered are resistance A at 86.72–86.33 and resistance B at 88.86–88.28. The main selling target will be today’s low.
USCrude Trading Ideas for Today:
Sell near resistance A at 86.72–86.33. TakeProfit: 84.58, 82.43. StopLoss: 87.81.
Gold Forecast for Today: XAUUSD Analysis
After reaching the first target for short positions opened from the key trend resistance at 4,128–4,113 last week, gold prices resumed their advance and retested this key resistance today. Therefore, the remaining short positions were closed at breakeven.
If resistance B at 4,128–4,113 continues to hold during today’s trading session, short positions may be considered, with the first target at 4,044 and the second in the 3,959 area. If resistance (B) is broken to the upside, the short-term trend will shift to bullish. In that case, starting from the next trading day, long positions may be considered, targeting the upper target zone at 4,298–4,267.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to trade in a short-term downtrend. Last week, market participants reached the first downside target at the 1.1403 level. The price also consolidated below this level. Therefore, the remaining short positions may be held until the second target at 1.1324.
The alternative scenario assumes that the price will rise and break above the key trend resistance at 1.1482–1.1468. In this case, starting from the next trading day, long positions in the euro may be considered, with a target at the upper target zone of 1.1601–1.1576.
EURUSD Trading Ideas for Today:
Hold the remaining short positions opened at resistance B at 1.1482–1.1468. TakeProfit: 1.1324. StopLoss: at breakeven.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of USCRUDE in real time mode
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