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Weekly forecast for oil, gold and EUR/USD

August 28, 2020

August 28, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodionov

O il price forecast for next wee k: USCrude analysis

The oil purchases entered in the broken-out Target Zone 5 [41.67 – 40.92] last week have yielded the first profits, the local high was broken through. The upside target in the trend is Target Zone 6 [49.17 – 48.42]. It makes sense to hold a part of buy trades at the breakeven up to the target.

The daily average progress of the WTI price has slowed down, so, there shouldn’t be any strong price moves soon.

The trend key support moves to the price zone of [37.34 - 36.72]. If the price is corrected down to this zone, we shall again enter long positions according to the pattern. The first target will be at the current local high.

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

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

  1. Hold a part of purchases entered in Target Zone 5 [41.67 - 40.92]. TakeProfit: Target Zone 6 [49.17 - 48.42]. StopLoss: at the breakeven.
  2. Buy according to the pattern in Target Zone [37.34 - 36.72]. TakeProfit: 43.50. StopLoss: according to the pattern rules.

Gold price forecast for next wee k: XAUUSD

analysis ****

Gold is trading flat now. The upper border of the sideways trend is 1958. The lower border 1913.

According to the margin zones methodology, the middle-term uptrend, as the trend key support [1922.4 - 1913.1] is not broken out. However, technically, the price chart looks descending.

I recommend you not try to guess the future price trend but expect the sideways trend breakout either upside or downside to make trading decisions.

If the accumulation zone is broken out upside, we shall buy with the target at the high of August 18 and the upper Target Zone 2 [2044.9 – 2036.2].

If the market will go down below the sideways trend zone, we shall sell gold, and the target will be the lower Target Zone 2 [1829.4 — 1820.1].

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

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

  1. If the price breaks out the price range of [1958 - 1913] upside, buy on the retest. TakeProfit: upper Target Zone 2 [2044.9 - 2036.2]. StopLoss: below the next local low.
  2. If the price breaks out the price range of [1958 - 1913] downside, sell on the retest TakeProfit: lower Target Zone 2 [1829.4 - 1820.1]. StopLoss: above the next local high.

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

analysis ****

The EURUSD middle-term uptrend continues. This week, the price tested the trend key support [1.1783 – 1.1765]. After the zone test, the bulls went ahead and retested Target Zone 4 [1.1914 - 1.1896].

Target Zone 4 is a strong resistance, which is not yet broken out. To enter new purchases, we need to expect the price consolidation above the zone. In this case, we shall enter new purchases on the retest, and the target will be Target Zone 5 [1.2096 – 1.2078].

If the price doesn’t break out TZ4, the bears will try to break out the key support zone. If so, we shall see if the zone is held or not. If it is broken out, the trend will turn down.

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

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

If the price breaks out Target Zone 4 [1.1914 — 1.1896] buy in the retest. TakeProfit: Target Zone 5 [1.2096 - 1.2078]. StopLoss: below the next local low.

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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  • Telegram channel with high-quality analytics, Forex reviews, training articles, and other useful things for traders

Price chart of EURUSD 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_280820.png?w=30&s=0c9e0faa563c3147e38d1461452c214c
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_280820.png?w=30&s=be052e882abc869dd6ca64b5e6922550
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_280820.png?w=30&s=97161bfada0de6b62f4d477cbedf1a33
  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-2020-08-28&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-2020-08-28&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/forex_analysis_3.jpeg?q=75&w=1000&s=0b11f91f4105552a705435fbe80cee6e