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Weekly forecast for oil, gold and EUR/USD

June 19, 2020

June 19, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodiоnov

USCrude – oil

Oil is trading in the middle-term uptrend, whose target is Target Zone 5 [41.67 -  40.92]. Over the past two weeks, the oil price was being corrected down to the broken out Target Zone 4 [34.17 – 33.42]. After that, there has started a new upward momentum, which is going now to break through the local high.

When the local high is updated, we shall rearrange the key support zone.

The oil price will continue rising after reaching TZ5 if it breaks the zone out and consolidates above. If so, the target will be TZ 6 [49.17 – 48.42].

I recommend entering purchases according to the pattern in the trend key support zone.

![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 [31.01 - 30.11]. TakeProfit: 39.75, Target Zone 5 [41.67 -  40.92]. StopLoss: according to the pattern rules.

XAUUSD – gold

Gold price is rising in the middle-term uptrend. The upside target is the high of May.

Last week, I recommended buying gold according to the false breakout pattern on the correction at the 50% Fibonacci level. Here is the quote form the previous weekly analytics:

“For today and next week, I recommend buying gold according to the false breakout pattern with the first target at Target Zone 5 [1757.2 – 1751.2], the second target is at May high.”

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

As you see, there has been an entry point this week. The price hit the level of 50%. We can now see the upward momentum developing, so, I suggest holding up purchases next week. To reduce the risk, you can move the trades to the breakeven.

I do not recommend selling gold counter to the trend.

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

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

Hold up purchases entered at level 50%. TakeProfit: Target Zone 5 [1757.2 - 1751.2], 1765.0. StopLoss: at breakeven.

EURUSD – euro/dollar

The EUR/USD is testing the key support of the middle-term uptrend [1.1240 – 1.1222]. Yesterday, the US session closed below the zone for the first time. If the US session closes below level 1.1222 again today or next week, we shall record the support breakout and start selling the EUR/USD on the next trading day with the target at Target Zone 2 [1.1058 – 1.1040].

If buyers go ahead and there is a buy momentum, we shall expect a buy pattern. After there is a buy pattern, we shall look for an entry point and buy with a target at the high of last week + Target Zone 4 [1.1473 — 1.1455].

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

**[EURUSD][7]  Trading tips for the upcoming week: **

Buy according to the pattern in Target Zone [1.1240 - 1.1222]. TakeProfit: 1.1420, 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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Price chart of XAUUSD in real time mode

![Weekly forecast for oil, gold and EUR/USD][10]

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_190620.png?w=30&s=b153d8fa289fc4e8f8356230e6e18135
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_120620.png?w=30&s=a8428993f98fbccf1a8274ae0704bda2
  4. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_190620.png?w=30&s=e70035cd4421e00dfa8a0f7d83783b99
  5. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  6. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_190620.png?w=30&s=ed09e6ada1bb133d58433b0037bc05d5
  7. my.liteforex.com/trading/chart?symbol=EURUSD&returnUrl=true
  8. my.liteforex.com/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd-2020-06-19&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. my.liteforex.com/deposit/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd-2020-06-19&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  10. cdn.liteforex.com/cache/uploads/blog_post/commodities/forex_forecast_2.jpeg?q=75&w=1000&s=2ccc61cd811466d7178a1946570436d8