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Weekly forecast for oil, gold and EUR/USD

July 24, 2020

July 24, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodionov

O il price forecast for next wee k: USCrude analysis

The oil price has broken through the high of June. When the high was updated, the price rolled back into the strong resistance zone Target Zone 5 [41.67 – 40.92]. Buyers can’t yet break out TZ5, although the medium-term trend remains up.

Therefore, there could be a correction in the oil market with the target at the trend key support.

If the price reaches Target Zone [35.54 – 34.86], I will recommend entering new purchases according to the pattern with the target at the high of this week.

Another scenario to buy oil is when the price breaks out TZ5 and consolidates above. In this case, it will be relevant to buy on the zone’s retest.

![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 [35.54 - 34.86]. TakeProfit: 42.22. StopLoss: according to the pattern rules.

Gold price forecast for next wee k: XAUUSD

analysis ****

The gold price has broken out Target Zone 6 [1817.2 - 1811.2] and reached Target Zone 7 [1877.2 – 1871.2] this week. There have been no sell signals. The gold medium-term trend is up.

Buyers are trying to break out TZ7 and consolidate the price above. The US session has already closed the price above the zone once, we shall wait for the second closing. If the price is consolidated above the resistance, the next target in the uptrend will be Target Zone 8 [1937.2 — 1931.2].

The trend key support is now in the zone of [1816.3 - 1808.1]. I recommend entering new purchases only according to the pattern after this zone is tested.

If the price breaks through the local high today or next week, we shall rearrange the key support down from each new 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 [1816.3 - 1808.1]. TakeProfit: 1900. StopLoss: according to the pattern rules.

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

analysis ****

The EURUSD price has reached Target Zone 2 [1.1550 – 1.1532] and broken out the resistance this week. The next target in the medium-term uptrend is Target Zone 3 [1.1732 – 1.1714].

To enter new middle-term purchases, I suggest expecting a correction down to the trend key support [1.1444 - 1.1425] and looking for a reversal pattern, according to which one could enter buy trades.

There are no signals to sell the euro as of now. We could consider short trades if the short-term turns down.

![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 [1.1444 - 1.1425]. TakeProfit: 1.1620, Target Zone 3 [1.1732 - 1.1714]. 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][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_240720.png?w=30&s=575395488a9888c148846f287e801bf8
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_240720.png?w=30&s=9140116ee0a3e8763c66cf86a96a074f
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_240720.png?w=30&s=f53a00ab4181fb77dd15f690e13d278e
  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-2020-07-24&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-2020-07-24&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/forex_trading_2.jpeg?q=75&w=1000&s=eebad0a09ae62301a6af8cc19e1ee833