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Weekly forecast for oil, gold and EUR/USD

August 14, 2020

August 14, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodionov

O il price forecast for next wee k: USCrude analysis

Oil bulls broke out Target Zone 5 [41.67 – 40.92]. The next growth target in the middle-term uptrend is Target Zone 6 [49.17 – 48.42].

I recommend entering new buy trades in the two strong support zones:

  1. The broken-out TZ 5
  2. The trend key support [37.23 – 36.61]

I do not recommend selling oil. Sell trades will be relevant if the trend turns down via the price consolidation below level 36.61. It is not likely now.

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

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

  1. Buy according to the pattern in Target Zone 5 [41.67 - 40.92]. TakeProfit: Target Zone 6 [49.17 - 48.42]. StopLoss: according to the pattern rules.
  2. 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 ****

The gold middle-term trend has turned down this week. The price broke out Target Zone [1993.0 – 1984.8] and reached Target Zone 2 [1911.0 – 1902.8]. Bears did not break out TZ 2. Next, there started a correction up.

The price is now trading in the trend key support zone [1957.9 - 1949.2]. I recommend entering sell trades in this zone with a target at the low of this week and Target Zone 3 [1829.0 - 1820.8].

It is not relevant to buy gold yet. We shall enter purchases when the trend turns up via the breakout of TZ [1957.9 - 1949.2] and consolidation above.

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

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

Sell according to the pattern in Target Zone [1957.9 - 1949.2]. TakeProfit: 1864.0, Target Zone 3 [1829.0 - 1820.8]. StopLoss: according to the pattern rules.

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

analysis ****

The EURUSD is trading in the middle-term uptrend. This week, traders have tested the trend key support [1.1733 - 1.1715]. We have expected a buy pattern for the entire week, but it has not formed.

For next week, I will recommend continuing to look for buy entries in the middle-term. The closer is the entry point to the key support, the better. The upside target will be the high of August.

An alternative scenario is to sell the euro. It will be relevant if the trend turns down via the Target Zone [1.1733 – 1.1715] breakout and consolidation below. If so, the downside target will be the lower Target Zone 2 [1.1551 — 1.1533].

![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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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_140820.png?w=30&s=4927c675dc84f993e31d3722f1cdc3a8
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_140820.png?w=30&s=6fc2ab7efcf724f6fb4c5648328a15bb
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_140820.png?w=30&s=eeec0c66a5ac8f37bf8a05450a66922c
  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-2020-08-14&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-2020-08-14&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/forex_trader_3.jpeg?q=75&w=1000&s=5b79678e8fabf95b4b6635d2f1ced9a3