I welcome my fellow traders! I have made a price forecast for 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 is trading in correction within the short-term uptrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil has exceeded the May high and is trading in a downward correction today.
- Gold: Gold is approaching the support (B) 3291 – 3279, the trend boundary.
- EURUSD: The euro is trying to decline to the support (A) 1.1358 – 1.1345.
Oil Price Forecast for Today: USCrude Analysis
Oil exceeded the May high during its short-term uptrend last week. As a result, the price reached all the targets for the trades initiated at the support (B) 59.51 – 59.06.
Today, the price is trying to consolidate above the Target Zone 63.61 – 62.83. If so, the next bullish target will be the Gold Zone 65.70 – 65.44. If the price falls below the Target Zone, a correction may start. During the correction, one may consider long trades near the support (A) 61.07 – 60.77.
USCrude Trading Ideas for Today:
Buy near support (A) 61.07 – 60.77. TakeProfit: 62.42, 64.07. StopLoss: 60.17.
Gold Forecast for Today: XAUUSD Analysis
Last week, gold started to trade in a downward correction within the short-term uptrend after hitting all its bullish targets. On Friday, the price tested and broke through the support (A) 3328 – 3321. Today, the asset continued to decline in early trading. However, bulls are gaining momentum, and the price is currently rising.
Before opening long trades, wait for a reversal pattern to emerge. The price should test the support (B) 3291 – 3279 to form the pattern. However, the asset should stay above this support level. If so, consider long trades with the first target of 3341 and the second one near 3403.
XAUUSD Trading Ideas for Today:
Buy near support (B) 3291 – 3279. TakeProfit: 3341, 3403. StopLoss: 3258.
Euro/Dollar Forecast for Today: EURUSD Analysis
Last week, the euro reached the upper Target Zone 1.1514 – 1.1473, the trend resistance. Once this zone was reached, a downward correction started. If the correction continues this week, the price may test the support (A) 1.1358 – 1.1345. Long trades can be considered once this zone is tested.
If the asset pierces the support (A) today, the correction may continue to the support (B) 1.1290 – 1.1270, the trend boundary. Consider long trades near this zone.
EURUSD Trading Ideas for Today:
Buy near support (A) 1.1358 – 1.1345. TakeProfit: 1.1420, 1.1495. StopLoss: 1.1318.
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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