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Weekly forecast for oil, gold and EUR/USD

August 21, 2020

August 21, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodionov

O il price forecast for next wee k: USCrude analysis

The oil price tested the broken-out Target Zone 5 [41.67 – 40.92] from above this week. Next, there was a good reaction of buyers to the support test. As a result, the price went up and is now trading close to local highs.

For next week, I recommend holding the purchases entered in TZ5 at the breakeven with a target in Target Zone 6 [49.17 – 48.42].

Alternative scenario: the price correction down to the trend key support [37.23 – 36.61]. In this case, we shall also enter long trades; the target will be at the high of August.

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

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

  1. Hold up buy trades entered in Target Zone 5 [41.67 - 40.92]. TakeProfit: Target Zone 6 [49.17 - 48.42]. StopLoss: at breakeven.
  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 price has broken out Target Zone [1957.9 – 1949.2] this week. According to the methodology, the middle-term trend has again turned up. However, considering technical analysis, I can’t recommend buying gold.

It is clear from the chart that sellers started a strong down momentum last week. All the price rise looks like a correction.

Therefore, I recommend expecting the breakout of Target Zone [1922.4 – 1913.1]. If so, we can enter sell trades with a target in Target Zone 2 [1829.4 - 1820.1].

One could buy gold only provided that there is a buy pattern.

![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 2 [1829.4 - 1820.1]. StopLoss: according to the pattern rules

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

analysis ****

The EUR/USD has been working out the main upward scenario from Target Zone [1.1733 - 1.1715]. The local high was broken through. Traders tried to consolidate the price above Target Zone 4 [1.1914 – 1.1896], but hey have failed. Only one US session closed the price above, but we need two US session to confirm the breakout according to the methodology.

The price is now being corrected. This week, traders tried to draw the price down to the trend key support [1.1783 - 1.1765].

The test of the key support will allow us to enter new euro purchases according to the pattern with that the target at the high of August.

![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 [1.1783 - 1.1765]. TakeProfit: 1.1960. 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_210820.png?w=30&s=c7ab4ecdfb6204403569b6a1171e6e50
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_210820.png?w=30&s=7212875bf775bb352af125966de04d99
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_210820.png?w=30&s=e41e9a2160d768470636d2f0014455dc
  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-2020-08-21&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-2020-08-21&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/analysis.jpeg?q=75&w=1000&s=fac6c453a24a1812f8dbb82a283d419d