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Short-term analysis for oil, gold, and EURUSD for 14.12.2023
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.
The EURUSD short-term trend turned up.
The oil price forecast for today:
The oil price hasn’t broken out the Target Zone 69.70 – 68.71. The price went below the zone yesterday but returned to the support at the end of the US session. Therefore, an ascending correction could start today, and the price could reach resistance (А) 71.59 – 71.26. When the first resistance zone is reached, one could enter new short trades with a target at yesterday’s low.
If resistance (A) is broken out, the price will reach resistance (В) 73.40 – 72.91, where one could also enter sell trades with a target at yesterday’s low.
Gold forecast for today:
Following the Fed’s interest rate decision, the gold price was corrected up to the key resistance of the short-term downtrend, 2037 – 2031. One could enter sell trades in the zone today with a target at yesterday’s low.
If the price breaks out the resistance zone of 2037 – 2031, the short-term trend will turn up. If so, it will be relevant to buy starting from tomorrow with a target in the upper Target Zone 2101 – 2089.
Euro/Dollar forecast for today:
The EURUSD short-term trend turned up. The price broke out resistance (B) 1.0862 – 1.0849 yesterday. The upside target for purchases is the upper Target Zone 1.1001 – 1.0975.
Enter long trades on the correction to support (А) 1.0831 – 1.0823 or support (В) 1.0789 – 1.0776. When the price is corrected down to any of the supports, expect a reversal pattern to buy before entering the purchase. The first upside target will be today’s high.
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