I welcome my fellow traders! I have made a price forecast for the USCrude, XAUUSD, and EURUSD using a combination of margin zones methodology and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.
Gold continued to trade in a short-term downtrend yesterday.
The article covers the following subjects:
Major Takeaways
USCrude: oil is consolidating above the Target Zone 63.31 – 62.54.XAUUSD: the short-term uptrend has reversed.EURUSD: the euro is testing the short-term uptrend’s key support 1.1369 – 1.1349.
Oil Price Forecast for Today: USCrude Analysis
Oil has declined in a correction within the short-term uptrend. As a result, the price has reached the support (A) 61.68 – 61.38 but failed to pierce it. Therefore, consider long trades near this zone with the first target of 63.04 and the second one around 64.69.
If the asset breaks through the support (A) today, the correction will continue to the trend boundary 60.18 – 59.73. Once this zone is tested, one may consider long trades.
USCrude Trading Ideas for Today:
Buy near support (A) 61.68 – 61.38. TakeProfit: 63.04, 64.69. StopLoss: 60.77.
Gold Forecast for Today: XAUUSD Analysis
Gold continued to trade in a short-term downtrend yesterday and reached the lower Target Zone 3274 – 3252. However, bulls managed to keep the price above this zone, and an upward correction started. Afterward, the price tested the resistance (A) 3342 – 3334 but failed to pierce it, and the quotes began to fall.
Therefore, consider short trades at the resistance (A) today with the main target at yesterday’s low. If the asset plunges and settles below yesterday’s low, the price may break through the Target Zone and plummet to the Gold Zone 3199 – 3192.
XAUUSD Trading Ideas for Today:
Sell near resistance (A) 3342 – 3334. TakeProfit: 3301, 3259. StopLoss: 3358.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to trade in a downward correction within the short-term uptrend. Currently, the price is testing the trend boundary 1.1369 – 1.1349. If the asset remains above this zone and a bullish pattern forms, consider long trades with the first target of 1.1461 and the second one around 1.1573.
If the price closes below 1.1312 in the US trading session, the short-term uptrend will reverse. In this case, one may consider short trades tomorrow with the main target in the lower Target Zone 1.1165 – 1.1124.
EURUSD Trading Ideas for Today:
Watch the market.
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Price chart of XAUUSD in real time mode
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