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Weekly forecast for oil, gold and EUR/USD

May 1, 2020

May 1, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodiоnov

USCrude – oil ****

Oil medium-term trend has reversed up this week via the breakout of the key resistance [11.67 - 10.92]. According to the previous trading weekly analytics, expect the retest of the zone to get good buy prices. The upside target will be Target Zone 2 [19.17 - 18.42]. A reasonable level for stop loss is below 10.92, at a sufficient distance.

The trend key support, taking into account the last changes in margin requirements, is now at [6.77 - 5.77]. However, if the price reaches this support, all the price growth occured this week will be absorbed, which will create a contradiction with the classical technical analysis. Therefore, the most likely scenario to buy oil is to enter purchases on the retest of the broken-out Target Zone. An alternative scenario: buy according to the pattern in the key support zone.

![LiteForex: Weekly forecast for oil, gold and EUR/USD][1]

**[USCrude][2]Trading tips for the upcoming week: **

  1. Buy according to the pattern in Target Zone [11.67 - 10.92]. TakeProfit: Target Zone 2 [19.17 - 18.42]. StopLoss: 9.08.

  2. Buy according to the pattern in Target Zone [6.77 - 5.77]. TakeProfit: Target Zone 2 [19.17 - 18.42]. StopLoss: according to the pattern rules.

XAUUSD – gold

Gold price has been again corrected down to the trend key support [1663.9 – 1655.6]. The buy pattern hasn’t been traded. I suggest expecting a new buy signal and detail the entry point in shorter timeframes. The uptrend continues. The buy target is Target Zone 5 [1757.2 – 1751.2].

An alternative scenario to sell gold will be relevant is the price breaks out the key support and consolidates below it. In this case, we shall enter sell positions with the target in the lower Target Zone 2 [1580.4 — 1572.1].

![LiteForex: Weekly forecast for oil, gold and EUR/USD][3]

[XAUUSD][4]  Trading tips for the upcoming week:

Buy according to the pattern in Target Zone [1663.9 - 1655.6]. TakeProfit: Target Zone 5 [1757.2 - 1751.2]. StopLoss: according to the pattern rules.

EURUSD – euro/dollar

The EUR/USD has tested the key resistance of the medium-term downtrend [1.0927 – 1.0909]. Until the price consolidates above the zone, it will be relevant to enter sell trades according to the pattern with the target at April’s low.

If the US session closes the price above the resistance, the trend will reverse up. In this case, forget about sell trades and enter purchases with the target at the upper Target Zone 2 [1.1109 – 1.1091].

According to the technical analysis, the border of the downtrend is at level 1.0988.

![LiteForex: Weekly forecast for oil, gold and EUR/USD][5]

**[EURUSD][6]  Trading tips for the upcoming week: **

Sell according to the pattern in Target Zone [1.0927 - 1.0909]. TakeProfit: 1.0730. StopLoss: по according to the pattern rules.

IZ - Intermediary Zone: responsible for the price momentum reversing

TZ - Target Zone: a zone that is 75% likely to be reached after IZ breakout.

GZ - Gold Zone: zone in the medium-term momentum.

All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.

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Price chart of XAUUSD in real time mode

![Weekly forecast for oil, gold and EUR/USD][9]

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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  1. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/USCrude_analysis_010520.png?w=30&s=61c61892114866c5431ef15f2f86f7c1
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_010520.png?w=30&s=563dbb2773630015fb9f3ad8e9d28368
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_010520.png?w=30&s=b03cf3d4dcbe1759f92fcbd753e96b51
  6. my.liteforex.com/trading/chart?symbol=EURUSD&returnUrl=true
  7. my.liteforex.com/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
  8. my.liteforex.com/deposit/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/forex_analysis_2.jpeg?q=75&w=1000&s=3351e991d468eccbadd1b43aa5c74da0