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 continues its short-term downtrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is rising toward 62.36.
- XAUUSD: Gold is trading in a correction within the short-term downtrend.
- EURUSD: The euro is retreating from the resistance (B) 1.1647–1.1630.
Oil Price Forecast for Today: USCrude Analysis
Oil is increasing within the short-term uptrend after hitting the support (B) 56.17–57.75. The asset reached the first bullish target last week. If the price settles above the second target of 62.36, it may climb to the upper Target Zone 64.95–64.13.
An alternative scenario suggests the oil price may fall below the support (B). In this case, short trades can be considered with a target in the lower Target Zone 53.97–53.13.
USCrude Trading Ideas for Today:
Hold part of the long trades opened at support (B) 58.17–57.75. TakeProfit: 62.36. StopLoss: at the breakeven.
Gold Forecast for Today: XAUUSD Analysis
Gold keeps trading in a short-term downtrend. The bearish target is the lower Target Zone 3,945–3,915.
At the moment, the price is rising in a correction. If the correction persists, the gold price may test the resistance (A) 4,108–4,098. Consider short trades near this zone with the first target at 4,039 and the second one at 3,998.
If the asset consolidates above the resistance (A), the correction will extend towards the resistance (B) 4,163–4,148.
XAUUSD Trading Ideas for Today:
Sell at resistance (A) 4,108–4,098. TakeProfit: 4,039, 3,998. StopLoss: 4,132.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is dropping after touching the resistance (B) 1.1647–1.1630. The first bearish target is 1.1557, and the second one is 1.1468. Therefore, consider holding your short trades open today.
If the price consolidates above the resistance (B), the downtrend will reverse. In this case, consider long trades on the next trading day with the main target in the upper Target Zone 1.1825–1.1792.
EURUSD Trading Ideas for Today:
Hold the short trades opened at resistance (B) 1.1647–1.1630. TakeProfit: 1.1557, 1.1468. StopLoss: 1.1683.
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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