I welcome my fellow traders! I have made a price forecast for the 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.
On Friday, gold continued to trade in a correction.
The article covers the following subjects:
Major Takeaways
USCrude: oil has approached the range’s upper boundary near 70.85.
XAUUSD: gold is correcting downward to the support (B) 2639 – 2631.
EURUSD: the euro is trying to continue the short-term uptrend with the targets of 1.0553 and 1.0629.
Oil Price Forecast for Today: USCrude Analysis
Oil is trying to settle above 70.84 to reverse the short-term downtrend. If so, the bullish target will be the upper Target Zone 75.19 – 74.40.
If the asset remains below the key resistance 70.85 – 70.45 and a sell pattern forms, short trades can be considered with the first target near 68.68 and the second one near 66.51.
USCrude Trading Ideas for Today:
Watch the market.
Gold Forecast for Today: XAUUSD Analysis
On Friday, gold continued to trade in a correction. As a result, the price has pierced the support (A) 2668 – 2662. The next target of the corrective decline is the key support 2639 – 2631. Once this zone is tested, one may consider long trades with the first target of 2678 and the second one near 2726.
The asset should break through the 2631 level to allow traders to open short trades and reverse the trend. In this case, consider short trades with the main target in the lower Target Zone 2553 – 2536.
XAUUSD Trading Ideas for Today:
Buy at support (B) 2639 – 2631. TakeProfit: 2678, 2726. StopLoss: 2615.
Euro/Dollar Forecast for Today: EURUSD Analysis
Last Friday, the euro managed to hold above the short-term uptrend’s key support. Therefore, today, consider holding long trades open or initiating new ones near the support (B) 1.0491 – 1.0478 with the first target of 1.0553. The second target will be the December 6 high of 1.0629. If the price consolidates above this mark, the short-term trend may continue to the Gold Zone 1.0709 – 1.0700.
The price should fall and settle below the December 13 low to allow traders to open short trades and reverse the trend. In this case, the bearish target will be the lower Target Zone 1.0353 – 1.0326.
EURUSD Trading Ideas for Today:
Buy at support (B) 1.0491 – 1.0478. TakeProfit: 1.0553, 1.0629. StopLoss: 1.0450.
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Price chart of XAUUSD in real time mode
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.
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