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 prices continued rising yesterday.
The article covers the following subjects:
Major Takeaways
- USCrude: Oil fell below the low of February 6 yesterday, and the price corrected afterward.
- XAUUSD: Gold is growing, approaching the second buy target near 2942.
- EURUSD: All the previous targets for euro longs have been reached.
Oil Price Forecast for Today: USCrude Analysis
Oil dropped below the low of February 6 within a short-term downtrend yesterday, so short positions opened in the resistance area (А) 73.14 – 72.88 have fully achieved their target. Then, the price corrected upward. If the correction continues today, the new resistance (А) 73.07 – 72.80 could be reached. Consider short positions again after this zone is tested.
If the resistance (A) is broken to the upside, the price may test the trend boundary at 74.53 – 74.13. From that zone, consider shorts with the key target at the low of February 13.
USCrude Trading Ideas for Today:
Sell near resistance (А) 73.07 – 72.80. TakeProfit: 71.60, 70.14. StopLoss: 73.45.
Gold Forecast for Today: XAUUSD Analysis
Yesterday, gold prices continued rising, surpassed a level of 2908, and steadied above. The next growth target is the February 11 high at 2942. If the price breaks above this level and consolidates, gold can be projected to strengthen further, with a target at 3008 – 2996.
If the level of 2942 remains unbroken, the price will start a deep correction. If so, expect a breakout of support (A) at 2880 – 2873 and a movement towards the trend boundary at 2848 – 2839.
XAUUSD Trading Ideas for Today:
Hold a part of longs near support (А) 2880 – 2873. TakeProfit: 2942. StopLoss: breakeven.
Euro/Dollar Forecast for Today: EURUSD Analysis
Euro’s short-term uptrend continued yesterday, and the price broke above the February 5 high. Thus, all the targets for longs opened from the support (А) 1.0304 – 1.0290 have been reached, and the next growth target is the upper Target Zone 1.0514 – 1.0486.
New longs should be considered during a correction from strong support levels, which are the support (А) 1.0365 – 1.0354 and the support (В) 1.0313 – 1.0297. Today’s high will be a good target for locking in profits from new longs. To sell the pair and reverse the trend, traders have to break below the level of 1.0297 and consolidate below.
EURUSD Trading Ideas for Today:
Buy near support (А) 1.0365 – 1.0354. TakeProfit: 1.0411, 1.0469. StopLoss: 1.0335.
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Price chart of XAUUSD in real time mode
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