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Weekly forecast for oil, gold and EUR/USD

September 11, 2020

September 11, 2020

Weekly forecast for oil, gold and EUR/USDAlex Rodionov

O il price forecast for next wee k: USCrude analysis

This week, the oil price has corrected down to the key support of the middle-term uptrend [37.34 – 36.72]. The zone hasn’t been broken out. So, we still expect a pattern to buy. The buy targets are the high of August and Target Zone 6 [49.17 – 48.42].

It will be relevant to sell oil when the price breaks out Target Zone [37.34 – 36.72] and consolidates below. If so, the medium-term oil trend will turn down, and the sell target will be the lower Target Zone 2 [31.14 – 30.52].

Next week, we shall define the oil trend for the next few weeks.

[USCrude][1]Trading tips for the upcoming week:

  1. Buy according to the pattern in Target Zone [37.34 - 36.72]. TakeProfit: 43.50. StopLoss: according to the pattern rules.

  2. If the price breaks out Target Zone [37.34 – 36.72] and consolidates below, sell. TakeProfit: Target Zone 2 [31.14 - 30.52]. StopLoss: according to the pattern rules.

Gold price forecast for next wee k: XAUUSD

analysis ****

This week, the gold price broke the technical triangle pattern downside. The support level was broken out, the price consolidated below.

Next, the price was corrected up and tested the broken-out support from below. The price was trading for some time in the accumulation zone. Now, gold is trading below the resistance again.

I recommend entering sell trades with the targets at the low of August 26, the low of August 12, and Target Zone 2 [1829.4 - 1820.1].

It is not relevant to buy gold yet.

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

Sell at the current prices. TakeProfit: 1862.3. StopLoss: 1968.7.

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

analysis ****

This week, the EUR/USD traders were testing the key support of the middle-term uptrend. They didn’t break the zone out. Buyers actively reacted yesterday. The buy pattern will appear when the price breaks out level 1.1918 upside. If so, we shall open long positions with the target at Target Zone 5 [1.2096 – 1.2078].

If the price breaks out the support [1.1811 – 1.1791] next week, the trend will turn down. In this case, we shall sell the euro and the target will be the lower Target Zone 2 [1.1611 — 1.1591].

[EURUSD][3] Trading tips for the upcoming week:

  1. Buy according to the pattern in Target Zone [1.1811 - 1.1791]. TakeProfit: Target Zone 5 [1.2096 - 1.2078]. StopLoss: according to the pattern rules.

  2. If the price breaks out Target Zone [1.1811 — 1.1791], sell according to the pattern on the retest. TakeProfit: Target Zone 2 [1.1611 - 1.1591]. 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

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. my.liteforex.com/trading?type=oil
  2. my.liteforex.com/trading/chart?symbol=XAUUSD&returnUrl=true
  3. my.liteforex.com/trading/chart?symbol=EURUSD&returnUrl=true
  4. my.liteforex.com/?category=analysts-opinions&slug=weekly-forecast-for-oil-gold-and-eurusd-2020-09-11&openPopup=%2Fregistration%2Fpopup&utm_source=blog&utm_medium=article&utm_campaign=bonus
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