Welcome, my fellow traders! I have prepared a price forecast for US Crude, XAUUSD, and EURUSD using a combination of the margin zones method and technical analysis. Based on the market analysis, I have identified entry signals for intraday traders.
Oil is trading in a short-term downtrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil remained below resistance A at 91.18–90.73.
- XAUUSD: Gold broke through resistance A at 4,179–4,169.
- EURUSD: The euro is correcting higher again and approaching resistance A at 1.1253–1.1245.
Oil Price Forecast for Today: USCrude Analysis
Oil maintains a short-term downtrend. Yesterday, the price corrected higher and tested resistance A at 91.18–90.73. Sellers held this resistance zone. Consequently, today traders may consider selling the asset or holding existing short positions until the price reaches the first target at 88.75. The second sell target will be the October 6 low of 86.30.
If the oil price pierces resistance A, the correction will continue up to resistance B at 93.61–92.95.
USCrude Trading Ideas for Today:
Sell/hold short trades opened near resistance A at 91.18–90.73. TakeProfit: 88.75, 86.30. StopLoss: 92.24.
Gold Forecast for Today: XAUUSD Analysis
The gold price has increased today, breaking through resistance A at 4,179–4,169. Thus, the correction within the short-term downtrend may continue up to resistance B at 4,235–4,220. This resistance zone marks the boundary of the trend. So, consider short trades near it, with the first target at 4,150 and the second target around 4,066.
If the price settles above the 4,235 level, the short-term trend will turn bullish.
XAUUSD Trading Ideas for Today:
Sell near resistance B at 4,235–4,220. TakeProfit: 4,150, 4,066. StopLoss: 4,262.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro price continues to correct higher, approaching resistance A at 1.1253–1.1245. If the asset touches this resistance again, one may consider short trades, with the first target at 1.1207 and the second target around 1.1161.
If the euro breaks above resistance A, the correction will continue toward resistance B at 1.1299–1.1287, which is the trend boundary. Short trades may also be considered near this zone.
EURUSD Trading Ideas for Today:
Hold part of short trades/sell near resistance A at 1.1253–1.1245. TakeProfit: 1.1207, 1.1161. StopLoss: 1.1269.
Would you like to learn more about technical analysis methods and principles? Explore our comprehensive guide.
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Price chart of USCRUDE in real time mode
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