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Technical analysis for US Crude, XAUUSD, and EURUSD today (24 December 2020)

2020-12-24

2020-12-24

Short-term forecast for oil, gold, and EURUSD for 24.12.2020Alex Rodionov

I welcome my fellow traders! I have made a price forecast for US Crude, XAUUSD, and EURUSD using a combination of margin zones methodology and technical analysis. Based on the market analysis, I suggest entry signals for intraday traders.

This week, gold is trading below the medium-term downtrend’s key resistance [1890.8 - 1879.3].

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

Oil is trading in the correction to the mid-term downtrend. The correction targets have not been met. The first target is the last week’s low, the second target is the trend key support [44.67 - 44.20]. Oil can be sold according to the pattern after the test of the nearest resistance level of Target Zone 3.

Let’s take a look at the chart of a shorter timeframe. Oil is trading in the short-term uptrend. The upside target is to reach the upper level of Target Zone [50.26 - 49.78].

Traders tried to break out the trend key support at the market opening yesterday, but bulls were actively involved in European and US sessions. As a result, the local resistance was reached [48.79 - 48.56], which is holding back the price growth.

As for the buy pattern, the price must consolidate above the high of 48.14. If it does, I will recommend buying oil on the correction. Enter purchases at Intermediary Zone [47.05 - 46.81].

Otherwise, this week’s low will be updated.

[USCrude][1] trading ideas for today:

Buy according to the pattern in Intermediary Zone [47.05 - 46.81]. TakeProfit: 49.35. StopLoss: according to the pattern rules.

Gold price forecast for today: XAUUSD analysis

This week, gold is trading below the medium-term downtrend’s key resistance [1890.8 - 1879.3]. To sell the precious metal, we are still waiting for a signal, such as, a breakout of a trendline.

So far, the bears have not been able to break out the support zone. So, growth and trend reversal are possible if two US sessions close above Target Zone [1890.8 - 1879.3].

The short-term trend is up. The bulls are holding the key support of the Intermediary Zone [1856.7 - 1851.7]. However, the price has been stopped in Target Zone. It turns out that the price of gold is currently trading in the accumulation zone, in other words, in a flat market. Above is medium-term resistance. Below is short-term support.

For conservative trading do not to enter the market on the eve of the holidays and do not try to trade in the [1890.8- 1851.7] zone with too many players. The best option is to wait for the price to leave this zone and to trade in a certain direction.

[XAUUSD][2] trading ideas for today:

Refrain from opening trading positions until the price exits the accumulation zone [1890-8 - 1851.7].

Euro/Dollar forecast for today: EURUSD analysis

The euro is trading in a correction to the medium-term uptrend. The trend key support is located at the [1.2088 - 1.2070] level. The technical level is slightly higher, at last week’s low. To open new sales in the trend, a test of one of these levels is required.

The short-term Euro trend is down. The target of the trend is Target Zone [1.2088 - 1.2070].

The pair is correcting at the moment. After the Intermediary Zone [1.2231 - 1.2221] test, look for new sales according to the pattern. If the pattern works out, it would be reasonable to fix a part of profits when this week’s low is updated.

An alternative case scenario is the IZ breakout and consolidation above its level. In this case, the trend will become ascending, and the upper Target Zone [1.2332 - 1.2313] will be a target for purchases.

[EURUSD][3] trading ideas for today:

Sell according to the pattern in Intermediary Zone [1.2231 - 1.2221]. TakeProfit: 1.2131, Target Zone [1.2088 - 1.2070]. StopLoss: according to the pattern rules.

P.S. Did you like my article? Share it in social networks: it will be the best “thank you” :)

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

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
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