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 continues to trade in a short-term uptrend.
The article covers the following subjects:
Highlights and key points
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USCrude: Oil’s short-term uptrend has reversed. Now, the main bearish target is the lower Target Zone 68.85 – 67.86.
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XAUUSD: Gold is trying to break through the Target Zone 2529 – 2514. If it fails, a correction will start with targets at the support (A) 2481 – 2476 and support (B) 2456 – 2449.
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EURUSD: Yesterday, the euro broke through the Gold Zone 1.1121 – 1.1113. The next bullish target is the Target Zone 2, 1.1214 – 1.1197.
Oil price forecast for today: USCrude analysis
Yesterday, oil‘s short-term uptrend reversed, and the price breached the key support 73.80 – 73.30. Now, the bearish target is the lower Target Zone 68.85 – 67.86.
Consider short trades on a correction at the strong resistance (A) 74.98 – 74.65 and resistance (B) 76.79 – 76.30. The main bearish target will be yesterday’s low.
USCrude trading ideas for today:
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Sell according to the pattern at resistance (A) 74.98 – 74.65. TakeProfit: 71.42. StopLoss: according to the pattern rules.
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Sell according to the pattern at resistance (B) 76.79 – 76.30. TakeProfit: 71.42. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
Gold continues to trade in a short-term uptrend. The price is trying to break through the Target Zone 2529 – 2514. If the asset closes above this level in the US trading session, the next bullish target will be the Gold Zone 2569 – 2564. If bears manage to hold the price below the Target Zone, a downward correction will occur.
Should the correction develop, the bearish target will be the support (A) 2481 – 2476 and support (B) 2456 – 2449. Once the price reaches these supports, one may consider long trades again.
XAUUSD trading ideas for today:
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Buy according to the pattern at support (A) 2481 – 2476. TakeProfit: 2530. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 2456 – 2449. TakeProfit: 2530. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The euro‘s short-term uptrend continued yesterday. As a result, the asset has broken through the Gold Zone 1.1121 – 1.1113. The next bullish target is the Target Zone 2, 1.1214 – 1.1197. Consider long trades on a correction.
If the correction starts at current prices, the quotes will fall to the support (A) 1.1090 – 1.1081. After testing this level, one may consider long trades according to the pattern with the main target at the August 21 high. Once the asset breaks through the support (A), the correction will continue to the trend’s boundary 1.1048 – 1.1035. Consider long trades in this zone.
EURUSD trading ideas for today:
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Buy according to the pattern at support (A) 1.1090 – 1.1081. TakeProfit: 1.1172. StopLoss: according to the pattern rules.
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Buy according to the pattern at support (B) 1.1048 – 1.1035. TakeProfit: 1.1172. StopLoss: according to the pattern rules.
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Price chart of XAUUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.