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Weekly forecast for oil, gold and EUR/USD

June 5, 2020

June 5, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodiоnov

USCrude – oil

This week, the oil price has broken out the strong middle-term resistance Target Zone 4 [34.17 – 33.42] and consolidated above. The next upside target is now Target Zone 5 [41.67 – 40.92]. The trend’s key support is in the zone [28.38 – 27.48].

For next week, I suggest expecting the oil price correction down to the zone of the trend key support and enter new long trades according to the patterns there.

I do not recommend selling oil as the uptrend is strong and the resistance level has been broken out. It won’t be relevant to sell oil unless the trend reverses down, or the price tests TZ5 and forms a reversal 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 [28.38 - 27.48]. TakeProfit: 37.25. StopLoss: according to the pattern rules.

XAUUSD – gold

Sell trades entered after the 20th of May have been exited at the breakeven this week. However, the price hasn’t consolidated above level 1740 or formed a reversal pattern to buy. As a result, there is a false breakout of the previous important extreme price, and the gold price continues correcting down. The correction target is Target Zone [1673.6 – 1664.4].

I do not recommend entering any trades before the correction target is reached. When the key support is tested, I suggest looking for a buy pattern and entering purchases with a target to break through the previous monthly high.

![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 [1673.6 - 1664.4]. TakeProfit: 1765.0. StopLoss: according to the pattern rules.

EURUSD – euro/dollar

The EURUSD is trading in the middle-term uptrend.

This week, the price has broken out Target Zone 2 [1.1109 - 1.1091] and Target Zone 3 [1.1291 – 1.1273]. The upside target is now Target Zone 4 [1.1473 - 1.1455].

It is relevant to enter purchases in the trend according to the pattern. The trend’s key support is now in the zone of [1.1201 - 1.1183]. If the price breaks through the local high, the support should be rearranged following the price.

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

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

Buy according to the pattern in Target Zone [1.1201 - 1.1183]. TakeProfit: 1.1377, Target Zone 4 [1.1473 - 1.1455]. 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 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_050620.png?w=30&s=9273b6619478d1f66af5f0285b06181d
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_050620.png?w=30&s=fa60698ca8b6dc807cd3822e2af382e2
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_050620.png?w=30&s=ee393ceab3fd7aa3d793772b004d19cb
  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-2020-06-05&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-2020-06-05&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/trading_8.jpeg?q=75&w=1000&s=fb1c396e74e18a77d8195d642227f5a2