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.
On Monday morning, oil prices are testing the key support level of 58.17–57.75 in the short-term uptrend.
The article covers the following subjects:
Major Takeaways
USCrude: Oil is testing the key support level in the short-term trend.
XAUUSD: Gold may continue to fall with a target of 3,998.
EURUSD: The downward trend continues for the euro.
Oil Price Forecast for Today: USCrude Analysis
On Monday, oil quotes are testing the key support level of the short-term uptrend at 58.17–57.75. If bulls manage to keep the price above this zone, long positions can be considered with the first target of 60.06. The second target for purchases will be the October 24 high of 62.36.
If the oil price breaks through the support (B) 58.17–57.75, the short-term trend will turn downward. In this case, consider selling oil with a target in the lower Target Zone of 53.97–53.13.
USCrude Trading Ideas for Today:
Buy near support (B) 58.17–57.75. TakeProfit: 60.06, 62.36. StopLoss: 56.60.
Gold Forecast for Today: XAUUSD Analysis
The price of gold continues to trade in a short-term downtrend. Last Friday, the precious metal once again tested the resistance (A) 4,108–4,098. Bears held the price below this area. Today, gold has reached the first bearish target near 4,053. The second target is located at 3,998. If the price consolidates below 3,998, the next target will be the lower Target Zone 3,945–3,915.
If the resistance (A) is pierced, the correction will continue with a target at the resistance (B) 4,163–4,148.
XAUUSD Trading Ideas for Today:
Watch the market.
Euro/Dollar Forecast for Today: EURUSD Analysis
The euro continues to trade in a short-term downtrend. The price is falling from the resistance (B) 1.1647–1.1630, with the target of 1.1468. Once the pair hits this level, it will be necessary to monitor the market: if the level is broken through, the next target will be the Target Zone 1.1354 - 1.1333.
If euro-to-dollar quotes rise above the resistance (B), the short-term downtrend will likely reverse. In this case, consider buying the euro with a target in the upper Target Zone 1.1825–1.1792.
EURUSD Trading Ideas for Today:
Hold part of the short trades opened at resistance (B) 1.1647 - 1.1630. TakeProfit: 1.1468. StopLoss: at the breakeven.
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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