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Weekly forecast for oil, gold and EUR/USD

May 29, 2020

May 29, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodiоnov

USCrude – oil

The oil price has reached the main upside target in the middle-term uptrend, Target Zone 4 [34.17 - 33.42]. There is now forming the consolidation zone under the resistance. The further trend will be determined when the price breaks this zone out either upside or downside next week.

Differently put, if Target Zone 4 is broken out, the next upside target will be Target Zone 5 [41.67 - 40.92]. If the price breaks out level 29.05, there will start a correction down to trend key support [24.47 – 23.57]. The first scenario suggests entering purchases in the strong support zones, the second one – selling in the correction.

To trade in the trend, we shall expect the test of Target Zone [24.47 – 23.57] and look for a buy pattern.

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

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

Buy according to the pattern in Target Zone [24.47 - 23.57]. TakeProfit: Target Zone 4 [34.17 - 33.42]. StopLoss: according to the pattern rules.

XAUUSD – gold

In the previous weekly forex analytics, I wrote that the gold uptrend was slowing down and there was a chance to sell the precious metal from level 1735.0 in the correction.![LiteForex: Weekly forecast for oil, gold and EUR/USD][3]

As you see, the correction has continued this week, and the trading idea is still relevant, hold sell trades entered at level 1735.0 down to the lower Target Zone [1673.6 – 1664.4].

Do not forget that the trend is up, so I recommend moving the sell trades to the breakeven.

When the price reaches the lower IZ, I suggest taking profits and resuming looking for buy entries according to the pattern. The upside target will be the local high of last week.

The gold medium-term trend will turn down if the price breaks out the key support and consolidates below. In this scenario, the downside target will be the lower Target Zone 2, but this is an alternative scenario.

![LiteForex: Weekly forecast for oil, gold and EUR/USD][4]

**[XAUUSD][5]  Trading tips for the upcoming week: **

Hold down sell trades entered at level 1735.0. TakeProfit: Target Zone [1673.6 - 1664.4]. StopLoss: at breakeven.

EURUSD – euro/dollar

The EUR/USD is trading up in the middle-term trend.

Last week, I recommended buying the euro-dollar in the zone of [1.0897 – 1.0878]. The targets were the high at 1.1017 and Target Zone 2 [1.1109 – 1.1091]. All the buy targets have been reached this week.

![LiteForex: Weekly forecast for oil, gold and EUR/USD][6]

The further trend depends on the buyers’ ability to break out the strong resistance TZ2. If the price breaks out the zone and consolidates above, the next upside target will be Target Zone 3 [1.1291 - 1.1273]. Otherwise, there will start a correction down.

If the price is being corrected down, we could look for sell pattern with the target at the new key support of the trend in the zone of [1.0929 — 1.0910].

![LiteForex: Weekly forecast for oil, gold and EUR/USD][7]

**[EURUSD][8]  Trading tips for the upcoming week: **

Buy according to the pattern in the zone of Target Zone [1.0929 - 1.0910]. TakeProfit: 1.1110. StopLoss: 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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Ask me questions and comment below. I’ll be glad to answer your questions and give necessary explanations.

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  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

Price chart of EURUSD in real time mode

![Weekly forecast for oil, gold and EUR/USD][11]

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_290520.png?w=30&s=9dc24863b35b6d3af5b0593adcd61770
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_220520.png?w=30&s=a875ff0379a5e0fc99793ee37d363eea
  4. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_290520.png?w=30&s=f7f6bf8d64c4b91b9408bce181b808cd
  5. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  6. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_220520.png?w=30&s=6b04402055e1288e54a8a6514a0a81aa
  7. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_290520.png?w=30&s=64d11ff44ee4dc5bac54e819c66b3f20
  8. my.liteforex.com/trading/chart?symbol=EURUSD&returnUrl=true
  9. my.liteforex.com/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd-2020-05-29&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
  10. my.liteforex.com/deposit/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd-2020-05-29&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  11. cdn.liteforex.com/cache/uploads/blog_post/commodities/forex_15.jpeg?q=75&w=1000&s=5c8d259f7cf0c8b36f97b2d674935652