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.
Gold continues to trade in a short-term uptrend.
The article covers the following subjects:
Major Takeaways
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USCrude: oil continues to decline.
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XAUUSD: gold is trying to break through the resistance 2819 – 2813.
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EURUSD: the euro has reached its first bearish target near 1.0286.
Oil Price Forecast for Today: USCrude Analysis
Oil is maintaining its short-term downtrend. Today, the price has exceeded the January 30, January 31, and February 3 lows. If the asset consolidates below these lows, the next bearish target will be the lower Target Zone 69.46 – 68.47. If the price remains above the 71.60 level, an upward correction may start, targeting the resistance (A) 75.07 – 74.74.
One may consider short trades at the key resistance (A) 75.07 – 74.74 and resistance (B) 76.89 – 76.39. The main bearish target will be 71.44. The price should break through the 76.89 level to allow traders to open long trades and reverse the trend.
USCrude Trading Ideas for Today:
Sell near resistance (A) 75.07 – 74.74. TakeProfit: 73.26, 71.44. StopLoss: 75.73.
Gold Forecast for Today: XAUUSD Analysis
Gold remains in a short-term uptrend this week. As a result, the precious metal has surpassed last week’s high and tried to break through the Gold Zone 2819 – 2813. If the price settles above this zone, the next bullish target will be the Target Zone 2, 2882 – 2871. If not, a downward correction may begin.
If the correction develops, the quotes may fall to the support (A) 2773 – 2767. Once this zone is tested, one may consider long trades with the first target of 2798 and the second one near yesterday’s high.
XAUUSD Trading Ideas for Today:
Buy near support (A) 2773 – 2767. TakeProfit: 2798, 2830. StopLoss: 2755.
Euro/Dollar Forecast for Today: EURUSD Analysis
Yesterday, the euro touched the short-term downtrend’s key resistance 1.0362 – 1.0348. Today, the price has dropped and reached the first bearish target near 1.0286. If the asset pierces this level, the decline will likely continue to yesterday’s low. If the price consolidates below yesterday’s low, the next bearish target will be the Gold Zone 1.0165 – 1.0156.
The price should break through the 1.0362 level to reverse the trend and create buying opportunities. In this case, consider long trades with the target at the upper Target Zone 1.0514 – 1.0486.
EURUSD Trading Ideas for Today:
Hold up sales opened at resistance (A) 1.0362 – 1.0348. TakeProfit: 1.0210. StopLoss: at the breakeven.
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Price chart of XAUUSD in real time mode
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