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 is trading in a short-term downtrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Yesterday, oil tested the support B of 93.12–92.45 and then reached the first bullish target of 96.13.
- XAUUSD: Gold is consolidating. The short-term downtrend is expected to continue.
- EURUSD: The euro tested the resistance A of 1.1529–1.1518 and reached the first bearish target.
Oil Price Forecast for Today: USCrude Analysis
Oil is maintaining its short-term uptrend. Yesterday, the price declined and tested the support B of 93.12–92.45, but bulls managed to keep the asset above this zone. Today, the oil price climbed to the first bullish target of 96.13. The second target is yesterday’s high of 99.81.
If the price settles above yesterday’s high, the next bullish target will be the Gold Zone 2 of 103.01–102.56. However, if the asset breaks below the support B, the short-term trend will turn bearish.
USCrude Trading Ideas for Today:
Hold part of long trades opened at support B of 93.12–92.45. TakeProfit: 99.81. StopLoss: at breakeven.
Gold Forecast for Today: XAUUSD Analysis
Gold is trading in a short-term downtrend. The primary bearish target is the lower Target Zone of 4,783–4,719.
Consider short trades during a pullback at the resistance of 5,163–5,145 once a bearish reversal pattern appears. The first target will be at 5,064, and the second one at 4,966.
XAUUSD Trading Ideas for Today:
Sell at resistance A of 5,163–5,145. TakeProfit: 5,064, 4,966. StopLoss: 5,209.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro price rose and tested the resistance A of 1.1529–1.1518. Bears managed to hold the asset below this zone. After that, the price dropped to the first bearish target of 1.1470. The second target is last week’s low of 1.1410 in the Gold Zone of 1.1423–1.1412. If the euro falls lower, the next target will be the Target Zone 3, 1.1315–1.1293.
An alternative scenario suggests that if the EURUSD pair settles above the resistance A, the correction will continue to the trend boundary of 1.1589–1.1572. Short trades can be considered near this zone.
EURUSD Trading Ideas for Today:
Hold part of short trades opened at resistance A of 1.1529–1.1518. TakeProfit: 1.1410. 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 XAUUSD in real time mode
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