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Short-term analysis for oil, gold, and EURUSD for 05.07.2021

I welcome my fellow traders! I 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, I suggest entry signals for intraday traders.

On Friday, the priority pattern to buy gold yielded profits.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

Oil is trading in a short-term uptrend. The chart shows how the traders formed a small accumulation zone between Gold Zone 2 75.03 – 74.76 and Additional Zone 74.37 – 74.24. Breakout of the resistance upside will allow the price to continue the impulse with the target in the Target Zone 3 77.94 – 77.41.

The breakout of the Additional Zone, on the contrary, will make the price go into a deep correction with the target at the trend key support 73.04 – 72.78.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 74.37 – 74.24. TakeProfit: 75.65. StopLoss: according to the pattern rules.

  2. Sell when the Additional Zone 74.37 – 74.24 is broken out. TakeProfit: Intermediary Zone 73.04 – 72.78. StopLoss: beyond the next local high.


Gold price forecast for today: XAUUSD analysis 

On Friday, the priority pattern to buy gold yielded profits. As a result, the resistance level of 1780 was reached, then this level was broken out and the price tested the next resistance level of 1794. Level 1794 is the key level for today. If it is broken out, then the growth will continue, and the probable target will be the Gold Zone 1820 – 1818.

If the downward impulse develops today and the sellers break out the support of 1781, then a deep correction to the Intermediary Zone 1772 – 1770 will occur.

XAUUSD trading ideas for today:

  1. Buy according to the pattern in Additional Zone 1783 – 1782. TakeProfit: 1794. StopLoss: according to the pattern rules.

  2. Sell when level 1781 is broken out. TakeProfit: Intermediary Zone 1772 – 1770. StopLoss: beyond the next local high.


Euro/Dollar forecast for today: EURUSD analysis 

On Friday, the euro price updated the Thursday local low, so the sale trades in the Additional Zone 1.1885 – 1.1881 yielded profits. Then, after the US labor market news, a correction occurred, and the price tested the new Additional Zone 1.1855 – 1.1851.

Slightly above the Additional Zone is situated the key resistance level of 1.1878. Together with the zone, they form a single area, from which it is profitable to look for euro sales with the target at the lower Target Zone 1.1800 – 1.1781.

For purchases, the breakout of level 1.1878 by traders and price consolidation above are required.

EURUSD trading ideas for today:

Open sell positions according to the pattern in 1.1878 – 1.1851. TakeProfit: Target Zone 1.1800 – 1.1781. StopLoss: according to the pattern rules.


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Price chart of XAUUSD in real time mode

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. 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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