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.
Oil has rebounded from the support (A) 59.57–59.29.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil has hit its first bullish target for the trades opened at the support (A) 59.57–59.29.
- XAUUSD: Gold has reached its first bearish target for the trades opened at the resistance (B) 4,051–4,036.
- EURUSD: The euro is trying to settle below the Target Zone 1.1570–1.1536.
Oil Price Forecast for Today: USCrude Analysis
Last week, oil tested the support (A) 59.57–59.29 within the short-term uptrend. On Friday, the price continued to rise, eventually reaching the first bullish target near 60.82. The second target is the October 24 high of 62.36. Therefore, consider holding some of the long trades initiated near the support (A) 59.57–59.29 open.
If the asset breaks below the support (A) today, the correction will extend to the trend boundary 58.17–57.75. One may consider long trades near this zone.
USCrude Trading Ideas for Today:
Hold a part of long trades opened at support (A) 59.57–59.29. TakeProfit: 62.36. StopLoss: at the breakeven.
Gold Forecast for Today: XAUUSD Analysis
Gold is trading in a short-term downtrend. Last week, the price tested the resistance (B) 4,051–4,036 but failed to pierce it. As a result, the asset began to fall on Friday and reached the first bearish target near 3,969 today. If gold settles below this level, the next target will be the October 28 low of 3,886.
If the price starts to increase and breaks above the resistance (B), the short-term downtrend will reverse. In this case, consider long trades with a target in the upper Target Zone 4,216–4,186, starting from the next trading day.
XAUUSD Trading Ideas for Today:
Hold a part of short trades opened at resistance (В) 4,051–4,036. TakeProfit: 3,886. StopLoss: at the breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
Last week, the euro extended its short-term downtrend, reaching all its bearish targets. Today, the price is trying to settle below the Target Zone 1.1570–1.1536. If so, the next bearish target will be the Gold Zone 1.1454–1.1443.
If the asset remains above the Target Zone, an upward correction may begin, pushing the price toward the resistance (A) 1.1640–1.1629. Once this zone is reached, consider short trades with the first target at 1.1580 and the second one near last week’s low.
EURUSD Trading Ideas for Today:
Sell near resistance (A) 1.1640–1.1629. TakeProfit: 1.1580, 1.1521. StopLoss: 1.1666.
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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