Welcome our fellow traders! We 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, we suggest entry signals for intraday traders.
The short-term gold downtrend continued yesterday after the test of Intermediary Zone 1662 – 1659.
Oil price forecast for today: USCrude analysis
Oil’s short-term uptrend continued. The high of October 27 was broken through. Oil traders tried to break out the upper Target Zone 89.51 – 88.76, but failed.
The oil price is now being corrected with a potential target to test Additional Zone 87.80 – 87.61. After the AZ zone test, We suggest entering new purchases according to the pattern with a target at yesterday’s high.
If the price breaks out the Additional Zone downside within the correction, the oil price should reach the Intermediary Zone 85.92 – 85.55, which is the border of the short-term uptrend. In this scenario, one could also enter purchases after the price reaches the IZ.