Welcome, my fellow traders! I have prepared a price forecast for 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.
Yesterday, oil broke through the key support of the short-term uptrend.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil turned bearish in the short term yesterday.
- XAUUSD: After reaching resistance A at 3,981–3,971, gold began to decline and hit the first sell target of 3,926.
- EURUSD: Yesterday, the euro tested the trend boundary at 1.1243–1.1230.
Oil Price Forecast for Today: USCrude Analysis
Yesterday, oil broke through the key support of the short-term uptrend at 97.33–96.66. Now, the main sell target is the lower Target Zone of 90.68–89.35. At the moment, the price is correcting higher. If the correction continues today, the price may hit resistance A at 99.13–98.69.
Once resistance A is reached, consider short trades, with the first target at 96.70 and the second around 94.26.
USCrude Trading Ideas for Today:
Sell near resistance A at 99.13–98.69. TakeProfit: 96.70, 94.26. StopLoss: 100.18.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold corrected higher and tested resistance A at 3,981–3,971. Sellers held this resistance, and today, the price has reached the first sell target of 3,926. The second sell target is 3,870. Thus, consider holding the remaining short positions at breakeven today.
If the gold price begins to rise and pierces resistance A, the correction will extend to resistance B at 4,037–4,022. This zone marks the trend boundary. So, consider short trades near it.
XAUUSD Trading Ideas for Today:
Hold part of the short trades opened at resistance A at 3,981–3,971. TakeProfit: 3,870. StopLoss: at breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro tested the key resistance zone of 1.1243–1.1230 within a short-term downtrend. As a result, sellers defended this zone, and the price started to decline during the US trading session. Today, sellers are attempting to extend the decline. The first sell target is the 1.1173 level. If the price settles below this level, the next target will be the October 29 low of 1.1104.
If the EURUSD pair begins to climb and breaks above resistance B at 1.1243–1.1230, the short-term trend will shift to an uptrend. In that case, consider long trades starting the next trading day.
EURUSD Trading Ideas for Today:
Sell / hold short trades opened at resistance B at 1.1243–1.1230. TakeProfit: 1.1173, 1.1104. StopLoss: 1.1264.
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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