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Weekly forecast for oil, gold and EUR/USD

August 7, 2020

August 7, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodionov

O il price forecast for next wee k: USCrude analysis

Oil price hasn’t yet broken out the strong middle-term resistance Target Zone 5 [41.67 – 40.92]. AS buyers can’t break out this zone, there should start a correction down. The target of any correction is to buy the liquidity at cheap prices before the trend continues.

For next week, I recommend the oil price correction down to the trend’s key support [37.23 – 36.61]. After the zone is tested, we shall enter new purchases according to the pattern with the target at the high of August.

An alternative scenario suggests TZ5 breakout with consolidation. In this case, on the retest of the broken-out zone, we shall look for a buy entry with a target in 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 in Target Zone [37.23 - 36.61]. TakeProfit: 43.50. StopLoss: according to the pattern rules.

Gold price forecast for next wee k: XAUUSD

analysis ****

Gold hits fresh highs. The middle-term trend is up. Buyers are trying to consolidate the price above the resistance Target Zone 10 [2057.2 – 2051.2].

If they do, the next buy target will Target Zone 11 [2117.2 - 2111.2]. Otherwise, the gold price should be corrected down to the trend key support [1993.0 - 1984.8].

We shall look for new gold buy trades in the trend according to the patterns. For next week, I recommend expecting the test of Target Zone [1993.0 - 1984.8] and looking for a buy pattern. The target will be to break through the local high.

If the local high is updated before the TZ test, the zone should be rearranged.

![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 [1993.0 - 1984.8]. TakeProfit: 2074.0. StopLoss: according to the pattern rules.

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

analysis ****

The EUR/USD is trading in the middle-term uptrend. The price is being corrected now. Traders are trying to break out Target Zone 4 [1.1914 – 1.1896].

If bulls break out TZ4, the next target in the uptrend will be Target Zone 5 [1.2096 — 1.2078].

For next week, I recommend expect the correction to the trend key support zone [1.1733 - 1.1715] and look for a new buy pattern there.

An alternative scenario suggests the price should break out TZ4, consolidate above. In this case, we shall open buy positions on the zone retest. The take profit will be at TZ5, the stop loss will be below the next local low.

There no buy signals as of now.

![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 [1.1733 - 1.1715]. TakeProfit: 1.1915. 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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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_070820.png?w=30&s=8fa4ed460684c8d128bd0733cf93c9ef
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_070820.png?w=30&s=36a750b554453755aa080bb3e4323376
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_070820.png?w=30&s=986bb57aaf9648301cb9b6274cba838d
  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-2020-08-07&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-2020-08-07&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/gold_145.jpeg?q=75&w=1000&s=db7872e7001b13393abb560d31d9ad26