Hello, my fellow traders! Here’s my forecast for US Crude, XAUUSD, and EURUSD made using margin zones and classical technical analysis. Based on this analysis, I made a list of entry signals for intraday traders.
The gold price declines in a short-term downtrend.
The article covers the following subjects:
Oil Forecast for today: USCrude analysis
Oil quotes broke out the Target Zone 87.74 – 86.81 yesterday. The next buy target in a short-term uptrend is the Gold Zone 92.26 – 91.76. An intermediate target can be resistance 89.50 located slightly above the current prices.
If the oil price returns below resistance 87.50, a correction can be expected, and the price may reach support (А) 85.42 – 85.09 and support (В) 83.77 – 83.28. We can consider new longs from these areas.
Trading plan for USCrude for today:
- Buy according to the pattern near support (А) 85.42 – 85.09. TakeProfit: 88.62. StopLoss: according to pattern rules.
- Buy according to the pattern near support (В) 83.77 – 83.28. TakeProfit: 88.62. StopLoss: according to pattern rules.
Gold forecast for today: XAUUSD analysis
The gold price declines in a short-term downtrend, with the nearest target at support 1905. If this level is broken out to the downside, the next target will be support 1885. If support 1885 is broken out, the price can reach the Target Zone 1862 – 1850.
The low of 6 September was updated yesterday, so resistance 1926 – 1925 worked out. The new levels from which we can consider new shorts — resistance 1918 – 1917 and resistance 1929 – 1927 — have formed. Yesterday’s low will be the first selling target.
Trading plan for XAUUSD for today:
- Hold a part of shorts opened from resistance (В) 1953 – 1947. TakeProfit: 1885. StopLoss: at a breakeven level.
- Sell according to the pattern from resistance 1918 – 1917. TakeProfit: 1907. StopLoss: according to pattern rules.
- Sell according to the pattern from resistance 1929 – 1927. TakeProfit: 1907. StopLoss: according to pattern rules.
Today’s forecast for the EURUSD: EURUSD analysis
The euro price is correcting up against a short-term downtrend, with a possible correction target at resistance (А) 1.0791 – 1.0782. New shorts can be considered according to the pattern upon reaching that level, with a target in the Gold Zone 1.0690 – 1.0680.
If resistance (А) is broken to the upside, the correction will continue up to resistance (В) 1.0844 – 1.0830. That area is a trend boundary and can also be used to open short trades.
Trading plan for EURUSD for today:
- Sell according to the pattern near resistance (А) 1.0791 – 1.0782. TakeProfit: 1.0687. StopLoss: according to pattern rules.
- Sell according to the pattern near resistance (В) 1.0844 – 1.0830. TakeProfit: 1.0687. StopLoss: according to pattern rules.
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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.
