Short-term analysis for oil, gold, and EURUSD for 17.08.2021

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.

Gold trades yielded profits in the Additional Zone 1771 – 1770 which serves as a strong support.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

Yesterday, oil broke out the Intermediary Zone 66.69 – 66.42. The short-term trend reversed down. Now the lower Target Zone 63.96 – 63.42 serves as the target for sales.

Now oil is trading in correction. After yesterday’s breakout of the Additional Zone 67.01 – 66.88, it can be assumed that the correction will reach the trend key resistance 68.51 – 68.24.

Today it is possible to look for purchases from the zone of 66.89 – 66.07 with the target at level 68.24, as well as enter sales if level 66.07 is broken out. The zone of 63.96 – 63.42 will serve as the target for sales.

USCrude trading ideas for today:

1. Open buy positions according to the pattern in 66.89 – 66.07. TakeProfit: 68.51 – 68.24. StopLoss: according to the pattern rules.

2. Sell when the Additional Zone 66.21 – 66.07 is broken out. TakeProfit: Target Zone 63.96 – 63.42. StopLoss: beyond the next local high.

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Gold price forecast for today: XAUUSD analysis

Gold trades yielded profits in the Additional Zone 1771 – 1770 which serves as a strong support. As a result, the short-term trend continued, and buyers closed the position with a Take Profit. Target Zone 2 1780 – 1775 has also been broken out, indicating the most probable continuation of the trend with a target in the Gold Zone 2 1800 – 1798.

I suggest looking for new purchases on correction at strong supports: Additional Zone 1781 – 1780 and Intermediary Zone 1770 – 1768. The latter serves as the border of a short-term uptrend. The local high of the day can be considered as the first target.

XAUUSD trading ideas for today:

1. Buy according to the pattern in Additional Zone 1781 – 1780. TakeProfit: 1791.7. StopLoss: according to the pattern rules.

2. Buy according to the pattern in Intermediary Zone 1770 – 1768. TakeProfit: 1791.7. StopLoss: according to the pattern rules.

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Euro/Dollar forecast for today: EURUSD analysis 

The EURUSD traders have tested the Additional Zone 1.1760 – 1.1756, following the correction down in the intraday uptrend. Buyers should consider an opportunity to enter purchases at good prices with the target at the high of August 13. To enter a trade, there should be a signal according to your trading strategy.

If the price breaks out the Additional Zone 1.1760 – 1.1756, one could consider entering sell trades with a target at 1.1709.

EURUSD trading ideas for today:

Buy according to the pattern in Additional Zone 1.1760 – 1.1756. TakeProfit: 1.1802. StopLoss: according to the pattern rules.

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Price chart of XAUUSD in real time mode

Source: https://www.liteforex.com/blog/analysts-opinions/short-term-analysis-for-oil-gold-and-eurusd-for-17082021/