Technical analysis for USCrude, XAUUSD, and EURUSD today (1 November 2023)


I welcome my fellow traders! I have made a price forecast for the USCrude, 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.

Yesterday, the euro price decreased as part of the correction.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

The decline in oil prices continues within a short-term downtrend. The main price target is the Target Zone 79.71 – 78.72. The October 30 low was updated yesterday. Therefore, today it is reasonable to open short trades in resistance (A) 84.13 – 83.80 and resistance (B) 85.94 – 85.45. The sales target is yesterday’s low.

If, during trading, the Target Zone is broken out downside, then the next sales target will be the Gold Zone 76.41 – 76.08.

USCrude trading ideas for today:

  1. Sell according to the pattern at resistance (A) 84.13 – 83.80. TakeProfit: 80.62. StopLoss: according to the pattern rules.

  2. Sell according to the pattern at resistance (B) 85.94 – 85.45. TakeProfit: 80.62. StopLoss: according to the pattern rules.

Gold forecast for today: XAUUSD analysis

The gold price has broken out the support of 1989 – 1987 as part of the correction. The next target for the decline is support (A) 1970 – 1966. After reaching this zone, it will be profitable to consider purchases according to the pattern, with the target at the high of October 27.

If, during trading, support (A) is broken out downside, the correction will continue to support (B) 1950 – 1945. This zone serves as the trend’s border, so you can also enter purchases in it.

XAUUSD trading ideas for today:

  1. Buy according to the pattern at support (A) 1970 – 1966. TakeProfit: 2009. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (B) 1950 – 1945. TakeProfit: 2009. StopLoss: according to the pattern rules.

Euro/Dollar forecast for today: EURUSD analysis

After the euro rose to the level of 1.0670 as part of a short-term uptrend, the price yesterday fell to the level of 1.0560, which is located just above the support (B) 1.0550 – 1.0535. However, the buying priority remains. Therefore, today, it is reasonable to consider a pattern for opening long trades. If it appears, buy the euro with a target at yesterday’s high.

If the decline continues and the price breaks out the support (B), the short-term trend will reverse down. In this case, from the next trading day, consider sales with a target in the lower Target Zone 1.0406 – 1.0377.

EURUSD trading ideas for today:

Hold up purchases/ buy according to the pattern in support (В) 1.0550 – 1.0535. TakeProfit: 1.0670. StopLoss: according to the pattern rules.

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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 LiteFinance. 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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