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 is trading in a short-term downtrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil continues to fall within the downtrend.
- XAUUSD: Gold has reached the Target Zone 4,168–4,150.
- EURUSD: The euro is testing the Target Zone 1.1570–1.1536.
Oil Price Forecast for Today: USCrude Analysis
Oil is trading in a short-term downtrend, targeting the Gold Zone 57.60–57.29. If the price pierces this zone, the next bearish target will be the Target Zone 54.45–53.83. If bulls keep the asset above the Gold Zone, an upward correction may begin.
If the correction starts, quotes may climb to the resistance (A) 60.80–60.53. Once this zone is reached, consider short trades with the first target at 59.31 and the second one at 57.80.
USCrude Trading Ideas for Today:
Sell near resistance (A) 60.80–60.53. TakeProfit: 59.31, 57.80. StopLoss: 61.54.
Gold Forecast for Today: XAUUSD Analysis
Gold extended its short-term uptrend yesterday and broke through the Gold Zone 4,064-4,055. Today, the price reached another target in the Target Zone 4,168-4,150. However, bears managed to hold the price within this zone, and a downward correction began.
During the correction, the asset declined to the support (A) 4,089 – 4,080. Currently, bulls are keeping the price above this zone. Therefore, consider holding long trades initiated near this zone open with the first target at 4,130 and the second one at today’s high of 4,179.
If the asset breaks above the Target Zone 4,168–4,150 today, it will likely rise to the Gold Zone 4,249–4,240.
XAUUSD Trading Ideas for Today:
Hold up long trades opened at support (A) 4,089–4,080. TakeProfit: 4,130, 4,179. StopLoss: 4,055.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to trade in a short-term downtrend. The pair is testing the Target Zone 1.1570–1.1536. If the price breaks below this area, it may fall to the Gold Zone 1.1454–1.1443.
If the asset remains above the Target Zone, an upward correction may start, pushing the price up to the resistance (A) 1.1661–1.1650. Consider short trades near this zone with the first target at 1.1601 and the second one at 1.1542.
If the euro breaks above the resistance (A) today, the correction may continue to the trend boundary 1.1720–1.1704.
EURUSD Trading Ideas for Today:
Sell near resistance (A) 1.1661–1.1650. TakeProfit: 1.1601, 1.1542. StopLoss: 1.1687.
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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