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Weekly forecast for oil, gold and EUR/USD

July 31, 2020

July 31, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodionov

O il price forecast for next wee k: USCrude analysis

Oil price stays in the uptrend. The price has stopped before a resistance level - Target Zone 5 [41.67 - 40.92].

Since the players cannot break through this zone, a correction might develop. The goal of any correction is to gain liquidity at favourable prices before moving the trend further.

For the next week, I recommend waiting for the oil correction in the area of the key support of the trend [35.54 - 34.86]. After testing the zone, look for new longs according to the pattern with the target in the July high.

The second scenario is the breakout of TZ 5 and consolidation. In this case, during the retest of the broken-through zone, look for an entry point for a long position with a target in the area of TZ 6 [49.17 - 48.42].

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

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

Buy according to the pattern from Target Zone [35.54 - 34.86]. TakeProfit: 42.22. StopLoss: according to the pattern rules.

Gold price forecast for next wee k: XAUUSD

analysis ****

Gold has broken through Target Zone 8 [1937.2 - 1931.2] this week. For the next week, set the target in the Target Zone 9 [1997.2 - 1991.2].

Target Zone [1901.1 - 1892.9] can be built down from the current local maximum. This area will be the key support level of the medium-term uptrend.

For new longs at favourable prices, I suggest waiting for gold reaching the key support level and then looking for a pattern for longs.

Medium-term shorts on gold are not reasonable at the moment. Shorting requires a test of the TZ 9 resistance, and then the formation of a reversal pattern. Short positions, in this case, will be against the trend.

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

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

Buy according to the pattern from Target Zone [1901.1 - 1892.9]. TakeProfit: 1981, Target Zone 9 [1997.2 - 1991.2]. StopLoss: according to the pattern rules.

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

analysis ****

There is a strong medium-term uptrend in the euro, and it is unreasonable to oppose it forming short trades. A general trading recommendation is to buy the euro at pullbacks from strong support levels.

Let’s analyze the instrument from the position of the margin zones. This week the euro has broken through Target Zone 3 [1.1732 - 1.1714] and reached Target Zone 4 [1.1914 - 1.1896]. As long as the resistance level holds, one cannot speak of further growth.

If the level 1.1914 is broken through the next week, then the next target for longs will be Target Zone 5 [1.2096 - 1.2078].

The trend border is shifted to the marks [1.1726 - 1.1708]. If the local maximum is renewed, the support zone will have to be placed higher.

According to my approach, I suggest waiting for a correction to the Target Zone [1.1726 - 1.1708], then waiting for the reaction of buyers and a signal to open a trade (pattern) to form new longs on the euro. Take-profit can be placed at the maximum of this week.

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

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

Buy according to the pattern from Target Zone [1.1726 - 1.1708]. TakeProfit: 1.1910. 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.

P.S. Did you like my article? Share it in social networks: it will be the best “thank you” :)

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_310720.png?w=30&s=858efb34dfe4c8ebf0b99bc4ac7a61a3
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_310720.png?w=30&s=86e14a88b389a14079f9cd1784b8c669
  4. my.liteforex.com/trading/chart?symbol=XAUUSD
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_310720.png?w=30&s=4fc5f3cf40f9703d8e69a94f8e635b3d
  6. my.liteforex.com/trading/chart?symbol=EURUSD
  7. my.liteforex.com/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd-2020-07-31&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-2020-07-31&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/trading_11.jpeg?q=75&w=1000&s=4cb92366132aaa0810cb63eb2ce5f94c