Short-term Analysis for Oil, Gold, and EURUSD for 03.07.2024

July 3, 2024 11:09 am

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.

Yesterday, the euro reached the first bearish target.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

Yesterday, oil broke through the Target Zone 82.34 – 81.44. The next target within the short-term uptrend is the Gold Zone 84.75 – 84.45. In this connection, consider long trades during a correction at the strong support (A) 80.79 – 80.49 and support (B) 79.30 – 78.86. Once the price tests these levels and the bullish pattern is completed, one can consider long trades.

The asset should breach and settle below 78.86 to allow traders to open short positions and reverse the uptrend.

USCrude trading ideas for today:

  1. Buy according to the pattern at support (A) 80.79 – 80.49. TakeProfit: 83.72. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (B) 79.30 – 78.86. TakeProfit: 83.72. StopLoss: according to the pattern rules.


Gold forecast for today: XAUUSD analysis

Gold continues its upward correction within the short-term downtrend. The possible bullish target is the resistance (B) 2369 – 2361, the trend’s boundary. If the price reaches this zone, one may consider short trades with the first target near 2327.

Besides, after testing the resistance (B), the price may break through and consolidate above this level. In this case, the short-term downtrend will reverse. The next bullish target will be the upper Target Zone 2451 – 2436. 

XAUUSD trading ideas for today:

Sell according to the pattern at resistance (В) 2369 – 2361. TakeProfit: 2327, 2287. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis

On the euro, positions opened at the resistance (A) 1.0758 – 1.0750 reached the first bearish target of 1.0712 yesterday. After that, the quotes tested the resistance (A) again. Today, the price will likely try to break through this area and continue the corrective growth to the resistance (B) 1.0804 – 1.0792. After the asset tests the resistance (B), one may consider short trades with the first target at 1.0735.

The price should consolidate above the 1.0804 level to allow traders to reverse the downtrend. If successful, consider long trades with the target at the upper Target Zone 1.0943 – 1.0918.

EURUSD trading ideas for today:

Sell according to the pattern at resistance (В) 1.0804 – 1.0792. TakeProfit: 1.0735, 1.0666. StopLoss: according to the pattern rules.


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Price chart of EURUSD 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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