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Weekly forecast for oil, gold and EUR/USD

September 4, 2020

September 4, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodionov

O il price forecast for next wee k: USCrude analysis

Oil has been corrected this week. The price has stopped in the support zone Target Zone 5 [41.67 – 40.92]. The price hasn’t yet broken out, so we still shall enter purchases according to the pattern.

The second support, which is the key one, is the zone of [37.34 – 36.72]. If the correction continues next week, and the price tests the support, I will also recommend buying oil.

The upside target will be to break through the local high and reach Target Zone 6 [49.17 — 48.42].

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

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[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 ****

The gold price chart has drawn a triangle, which is a technical pattern that signals the formation of the accumulation zone. The direction in which the price exits the triangle will determine the direction of the medium-term gold price trend. For next week, I suggest we expect the price to break out the support or the resistance level, and enter a sell or a buy trend, according to which of the important levels is broken out.

If the price breaks out the support zone, it will tend to break through the low of August. An additional target is the lower Target Zone 2 [1829.4 – 1820.1].

If the price breaks out the resistance, we shall buy the XAUUSD with the target at the high of August 18 + the upper Target Zone 2 [2044.9 — 2036.2].

![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 trading range upside, buy. TakeProfit: 2014.0, upper Target Zone 2 [2044.9 - 2036.2]. StopLoss: below the next local low.
  2. If the price breaks out the trading range downside, sell. TakeProfit: 1863.5, 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 ****

This week, the EUR/USD broke through the local high of August 18 and broke through the resistance Target Zone 4 [1.1914 – 1.1896]. Next, the price started a deep correction and reached the trend key support [1.1811 - 1.1791].

The sellers are trying to break out the support and turn the trend down. We shall see if they succeed, and what the buyers will show reaction. To enter new purchases, we need a buy pattern.

If there is a buy pattern close to the trend key support, I will recommend entering buy trades with a target at the high of this week + Target Zone 5 [1.2096 – 1.2078].

If the price breaks out the support zone next week, we shall sell the EURUSD with a target at the lower Target Zone 2 [1.1611 — 1.1591].

![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 [1.1811 - 1.1791]. TakeProfit: 1.2005, Target Zone 5 [1.2096 - 1.2078]. 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 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_040920.png?w=30&s=174110af5d3c4ff150c5a69f54cc435d
  2. my.liteforex.com/trading?type=oil
  3. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/XAUUSD_analysis_040920.png?w=30&s=8211d17a66846ddf383f26ab45c0bae4
  4. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  5. cdn.liteforex.com/cache/uploads/blog_post/commodities/analytics/EURUSD_analysis_040920.png?w=30&s=c7225f733c170f0377407f430d16b983
  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-2020-09-04&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-2020-09-04&promo_code=BLOG&utm_source=blog&utm_medium=article&utm_campaign=bonus
  9. cdn.liteforex.com/cache/uploads/blog_post/commodities/forex_analysis_4.jpeg?q=75&w=1000&s=4f7d161f7abfa16770d6603d31863362