I welcome my fellow traders! I have made a price forecast for US Crude, 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.
The gold price is trading in the short-term downtrend.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
The oil price was corrected, and closed the gap occurred on Monday. The price is approaching support (А) 71.41 - 71.12. When this support is tested, the oil short-term uptrend could continue. Therefore, I suggest entering purchases according to the pattern with a target at yesterday’s high after support (A) is tested. If the price exceeds yesterday’s high, the upside target will be the upper Target Zone 76.67 — 75.80.
If support (A) is broken out, the price will go down to support (B) 69.96 – 69.53, where one could also enter long trades with a target at the high of June 5.
USCrude trading ideas for today:
Buy according to the pattern at support (А) 71.41 - 71.12. TakeProfit: 74.23. StopLoss: according to the pattern rules.
Buy according to the pattern at support (В) 69.96 - 69.53. TakeProfit: 74.23. StopLoss: according to the pattern rules.
Gold forecast for today: XAUUSD analysis
The gold price is trading in the short-term downtrend. The price was corrected up yesterday. The downtrend should continue today. The downside target is the low of May 30. When the low is broken through, the downside target will be the Gold Zone 1916 — 1912.
It is relevant to hold down short trades entered in the resistance zone of 1978 – 1974. A Stop Loss could be set above the high of June 2.
If the high of June 2 is broken through, the price will go up to the trend border 2001 – 1995. One could enter sell trades in the zone.
XAUUSD trading ideas for today:
Hold down sell trades entered at resistance (А) 1978 - 1974. TakeProfit: 1932. StopLoss: 1984.
Sell according to the pattern at resistance (В) 2001 - 1995. TakeProfit: 1932. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The EURUSD is being corrected up in the short-term downtrend. The correction could be the test of the trend border of 1.0810 – 1.0794. When the zone is tested, one could enter new sell trades with a target at yesterday’s low.
If yesterday’s low is broken through, the next downside target will be the low of May 31. When the latter low is broken through, the price will break out the Gold Zone 1.0667 - 1.0657.
It will be relevant to buy when the short-term trend turns up via the breakout of level 1.0810 and consolidates above. In this case, one could enter long trades with a target in the upper Target Zone 1.0984 - 1.0953.
EURUSD trading ideas for today:
Sell according to the pattern at resistance (В) 1.0810 - 1.0794. TakeProfit: 1.0637. StopLoss: according to the 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.
