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Weekly forecast for oil, gold and EUR/USD

July 10, 2020

July 10, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodiоnov

O il price forecast for next wee k: USCrude analysis

This week, oil buyers have not broken out the strong resistance Target Zone 5 [41.67 – 40.92]. The oil prices have started a correction down in the middle-term uptrend. The correction target could be the trend key support [33.64 – 32.86].

When the key support is tested, I suggest entering new buy trades according to the pattern. The buy target will be to break through the high of June.

While the oil market is being corrected down, we can look for a sell entry. For example, it is clear from the chart that the bears have broken out the support zone of the intraday trend. One could enter a sell at the current prices with a stop above the zone.

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

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

  1. Aggressive: sell at the current prices (38.90). TakeProfit: Target Zone [33.64 - 32.86]. StopLoss: 40.59.

  2. Buy according to the pattern in Target Zone [33.64 - 32.86]. TakeProfit: 41.67. StopLoss: according to the pattern rules.

Gold price forecast for next wee k: XAUUSD

analysis ****

This week, gold has reached the resistance Target Zone 6 [1817.2 – 1811.2] in the middle-term uptrend. The price is now correcting, rolling down from the resistance.

To enter new middle-term gold buy trades, I suggest expecting the test of the trend key support at [1736.1 - 1727.9]. After the test, we shall look for a buy pattern. The upside target could be at the high of this week.

![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 [1707.1 - 1699.0]. TakeProfit: 1788.0, Target Zone 6 [1817.2 - 1811.2]. StopLoss: according to the pattern rules.

E uro/dollar price forecast for next wee k: EURUSD

analysis ****

This week, the EURUSD bulls have broken through the high of June 23, but they haven’t broken out the resistance Target Zone [1.1368 – 1.1350]. However, the EURUSD market sentiment is bullish, according to technical analysis. I expect the price to break through the high of July 9 and break out the resistance TZ next week.

Therefore, for next week, I recommend holding up middle-term purchases that were entered last week, according to the trading recommendations. The upside target is 1.1410.

It will be relevant to sell the euro versus dollar if the price breaks out level 1.1410. If so, we shall enter sell trades at the retest of the zone of [1.1240 – 1.1220] with the sell target at the lower Target Zone 2 [1.1058 — 1.1040].

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

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

Hold up buy trades entered last week. TakeProfit: 1.1410. StopLoss: 1.1180.

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 EURUSD 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_100720.png?w=30&s=3da1b2d0b52e918ab9d28a7ad32dbdcb
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_100720.png?w=30&s=a70f6c43456112a8f291d8288b962793
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_100720.png?w=30&s=eca4ef16fb808fbd2244baa45868e380
  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-2020-07-10&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-2020-07-10&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/trading_10.jpeg?q=75&w=1000&s=0f3d0e6a5b37f7498bada492bf4b6c73