Short-term analysis for oil, gold, and EURUSD for 11.08.2021

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.

The oil upward correction continues. Yesterday, as part of this correction, the Intermediary Zone 68.02 – 67.75 was tested.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

The oil upward correction continues. Yesterday, as part of this correction, the Intermediary Zone 68.02 – 67.75 was tested. It cannot yet be said that the zone has been broken out, so keep looking for sales according to the pattern. The sales target will be the August 9 low.

To enter oil purchases, it is required to break out level 69.76 or form a new uptrend consisting of at least two highs and two lows, each of which is higher than the previous one.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 68.02 – 67.75. TakeProfit: 65.30. StopLoss: according to the pattern rules.

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Gold price forecast for today: XAUUSD analysis

Yesterday, the gold price didn’t break out the Intermediary Zone 1730 – 1727, despite the update of the August 9 local low. This means that the short-term uptrend continues with the target in the Gold Zone 1755 – 1753.

The chart shows that a false breakout of level 1724 has formed. It serves as a signal to enter long trades. Today consider gold purchases from the Intermediary Zone with a stop beyond yesterday’s low.

The breakout of level 1724 and price consolidation below are required to enter gold sales.

XAUUSD trading ideas for today:

Buy in Intermediary Zone 1730 – 1727. TakeProfit: Gold Zone 1755 – 1753. StopLoss: 1717.

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Euro/Dollar forecast for today: EURUSD analysis 

The euro is testing the Target Zone 1.1732 – 1.1715 and is trying to break it out. If successful, the next target of the downtrend will be the Gold Zone 1.1644 – 1.1635.

The task of traders using the margin zones’ methodology in trading is to look for euro sales on correction at strong resistance levels. The Additional Zone 1.1758 – 1.1754 and the Intermediary Zone 1.1806 – 1.1798 are strong resistances. Focus on today’s low as a target.

EURUSD trading ideas for today:

1. Sell according to the pattern in Additional Zone 1.1758 – 1.1754. TakeProfit: 1.1711. StopLoss: according to the pattern rules.

2. Sell according to the pattern in Intermediary Zone 1.1806 – 1.1798. TakeProfit: 1.1711. StopLoss: according to the pattern rules.

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Price chart of USCrude in real time mode

Source: https://www.liteforex.com/blog/analysts-opinions/short-term-analysis-for-oil-gold-and-eurusd-for-11082021/