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 extended its short-term uptrend yesterday.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil is trading near its lows.
- XAUUSD: Gold is declining in a correction after reaching a new high.
- EURUSD: The euro is retreating from the resistance (B) 1.1720–1.1704, reaching the first target of 1.1631.
Oil Price Forecast for Today: USCrude Analysis
Oil continues to trade in a short-term downtrend. Last week, the price pierced the Gold Zone 57.60–57.29. The next bearish target is the Target Zone 54.45–53.83. Currently, the price is trading in a correction.
If the correction persists, the asset may test the resistance (A) 59.39–59.08. Once this zone is tested, consider short trades with the first target at 57.66 and the second one near this week’s low of 55.94.
USCrude Trading Ideas for Today:
Sell near resistance (A) 59.39–59.08. TakeProfit: 57.66, 55.94. StopLoss: 60.16.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold continued to trade in a short-term uptrend and reached all the bullish targets for the trades opened at the support (B) 4,244–4,230. Besides, the asset exceeded the previous high.
Today, the price is decreasing in a correction. If the correction proceeds, the price may slide to the support (A) 4,291–4,282. Once this zone is reached, consider long trades with the first target at 4,331 and the second one at 4,381.
If gold breaks below the support (A), the correction will extend to the trend boundary 4,246–4,232.
XAUUSD Trading Ideas for Today:
Buy near support (A) 4,291–4,282. TakeProfit: 4,331, 4,381. StopLoss: 4,258.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is maintaining its short-term downtrend. Today, the price hit its first bearish target for the trades opened at the resistance (B) 1.1720–1.1704. The next bearish target is last week’s low of 1.1542. Therefore, one may hold some of the trades at the breakeven point today.
If the price increases and breaks above the resistance (B), the downtrend will reverse. In this case, consider long trades with a target in the upper Target Zone 1.1898–1.1866.
EURUSD Trading Ideas for Today:
Hold up short trades opened at resistance (B) 1.1720–1.1704. TakeProfit: 1.1542. StopLoss: at the breakeven.
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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