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 has shifted to a short-term downtrend today.
The article covers the following subjects:
Major Takeaways
- USCrude: After reaching the Target Zone 3 of 66.45–66.08, oil started to decline. Now, it is testing the support A 64.10–63.89.
- XAUUSD: Gold has turned bearish. Consider short trades at key resistance levels.
- EURUSD: The euro is testing the support B 1.1920–1.1904 within the bullish trend.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil extended its short-term uptrend, piercing the Gold Zone 64.40–64.21. After that, the price reached the upper Target Zone 66.45–66.08. Major traders closed their long positions near this zone, triggering a downward correction.
As a result, the asset is falling today. During the correction, the oil price has reached the support A 64.10–63.89 but has not broken through it yet. Thus, long trades can be considered near this zone with the first target at 65.06 and the second one at 66.23. The key support is shifting to 63.04–62.72.
USCrude Trading Ideas for Today:
Buy at support A 64.10–63.89. TakeProfit: 65.06, 66.23. StopLoss: 63.31.
Gold Forecast for Today: XAUUSD Analysis
Today, gold prices began trading in a short-term downtrend, breaking below the key support level of 5,252–5,232. Now, the lower Target Zone 5,053–5,013 is the main bearish target.
Short trades can be considered during corrections at the strong resistance A 5,258–5,244 and resistance B 5,331–5,311, with the main target at today's low.
XAUUSD Trading Ideas for Today:
Sell at resistance A 5,258–5,244. TakeProfit: 5,185, 5,112. StopLoss: 5,289.
Euro/Dollar Forecast for Today: EURUSD Analysis
After reaching its first bullish target of 1.1993, euro prices started to slide in a correction and tested the support B 1.1920–1.1904. This zone is the boundary of the short-term uptrend. Therefore, if the asset remains above this zone, long trades can be considered with the first target at 1.1993 and the second one at 1.2082.
If the euro/dollar price breaks below the support B today, the uptrend will reverse. In this case, consider short trades with a target in the lower Target Zone 1.1758–1.1725.
EURUSD Trading Ideas for Today:
Buy at support B 1.1920–1.1904. TakeProfit: 1.1993, 1.2082. StopLoss: 1.1867.
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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