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Weekly forecast for oil, gold and EUR/USD

July 17, 2020

July 17, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodionov

O il price forecast for next wee k: USCrude analysis

Oil has featured low volatility this week. Basically, the situation in the oil market has been the same for the third consecutive week. The price is trading under the resistance Target Zone 5 [41.67 – 40.92], with insignificant fluctuations.

The oil middle-term trend remains up. Therefore, we can expect the price to break through the June’s high and consolidate above TZ5. When it happens, the next upside target will be Target Zone 6 [49.19 – 48.42].

The key support is now in the price range of [33.64 – 32.86]. To buy oil at good prices, we need to expect the test of the support zone and look for a 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 [33.64 - 32.86]. TakeProfit: 41.67. StopLoss: according to the pattern rules.

Gold price forecast for next wee k: XAUUSD

analysis ****

Gold middle-term uptrend continues. The price is now being corrected.

Next week, I expect the price to break through the local high. Next we shall see if the bulls will consolidate the price above Target Zone 6 [1817.2 – 1811.2]. If they do, the next growth target in the uptrend will be Target Zone 7 [1877.2 – 1871.2].

If there is a false breakout pattern in the gold price chart, one can use it and sell gold with the target in the key support zone.

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

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

Sell according to the pattern “false breakout of high”. TakeProfit: key support. StopLoss: according to the pattern rules.

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

analysis ****

This week, the EURUSD purchases, opened earlier, have yielded profit at level 1.1410. The high of June has been broken through. The main scenario to buy the euro has worked out.

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

The EURUSD traders are now trying to consolidate the price above the resistance [1.1368 – 1.1350]. I recommend combining this resistance zone with level 1.1410 and considering them as the single strong zone. If buyers consolidate the price above this zone, the price will be likely to reach Target Zone 2 [1.1550 – 1.1532].

Until the price consolidates above the resistance, we continue looking for entry points to enter middle-term purchases with the target at the high of this week. The key support with good buy prices is in the zone of [1.1269 – 1.1251]. Expect the price correction down to this zone

![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 [1.1269 - 1.1251]. TakeProfit: 1.1450. 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 EURUSD 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_170720.png?w=30&s=219c2b5e6e6769663a6750523164d28b
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_170720.png?w=30&s=d894da147f9034e7d8f11fc94c552fa5
  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. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_170720_1.png?w=30&s=e58d47eb3b2483023cb332cfca8c40e2
  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-2020-07-17&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-2020-07-17&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  10. cdn.liteforex.com/cache/uploads/blog_post/commodities/forex_trading.jpeg?q=75&w=1000&s=3ac20354929a2392eace30b00f7455ac