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 correcting lower again after reaching the first buy target.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil rebounded after reaching the first bearish target of 71.69.
- XAUUSD: Gold is approaching the support B of 4,036–4,019.
- EURUSD: The euro may decline further toward 1.1324.
Oil Price Forecast for Today: USCrude Analysis
Oil continues to drop in the short term. Last week, the price reached the first bearish target, set for trades opened at resistance B, 76.31–75.47. The next target is the 67.06 level.
However, the price started to grow at the start of this week, so the asset may break above the resistance zone B. In that case, the short-term trend will shift to an uptrend, and traders can consider long positions, targeting the upper Target Zone.
USCrude Trading Ideas for Today:
Hold part of short trades opened at resistance B of 76.31–75.47. TakeProfit: 67.06. StopLoss: at breakeven.
Gold Forecast for Today: XAUUSD Analysis
After reaching the first bullish target last week, gold is once again correcting lower. The price is approaching support B of 4,036–4,019. If the metal pierces this zone, the uptrend will reverse. In that case, consider short trades, targeting the lower Target Zone of 3,897–3,866.
However, if the gold price remains above the support B, it may exceed the July high of 4,202.
XAUUSD Trading Ideas for Today:
Hold part of long trades opened at support B of 4,036–4,019. TakeProfit: 4,202. StopLoss: at breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro is trading within a short-term downtrend. Last week, the price hit the first bearish target of 1.1403. The next target is 1.1324. If the asset settles below 1.1324 today, it may fall to the Gold Zone 2 of 1.1238–1.1229.
If the euro price begins to climb and breaks above the resistance B of 1.1482–1.1468, the short-term trend will become bullish. In that case, consider long trades, with a target in the upper Target Zone of 1.1601–1.1576.
EURUSD Trading Ideas for Today:
Hold part of short trades opened at resistance B of 1.1482–1.1468. TakeProfit: 1.1324. 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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Source: Original Article
