Technical analysis for USCrude, XAUUSD, and EURUSD today (16 October 2023)

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

The gold short-term trend turned up last week.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

The short-term oil trend is due to turn up via the breakout of the key resistance 86.05 – 85.56. If the price closes above the key resistance at the US session today, it will be relevant to buy. In this case, one could enter purchases with a target in the upper Target Zone starting from tomorrow.

If the key resistance is held down and the price rolls back below level 85.56, the short-term downtrend will go on. If so, one could enter a short trade with a target at the low of October 6 in the Gold Zone 80.76 – 80.43.

USCrude trading ideas for today:

Sell according to the pattern in resistance (В) 86.05 – 85.56. TakeProfit: 81.50, 80.65. StopLoss: according to the pattern rules.


Gold forecast for today: XAUUSD analysis

The gold short-term trend turned up last week. The price broke out resistance (В) 1874 – 1868 and reached Target Zone 1939 – 1927.

One could enter purchases today at support (А) 1893 – 1889 and support (В) 1874 – 1868. The upside target is the high of October 13, level 1932.

If the price breaks out the Target Zone, the next upside target in the trend will be the Gold Zone 1970 – 1966.

XAUUSD trading ideas for today:

  1. Buy according to the pattern at support (А) 1893 – 1889. TakeProfit: 1932. StopLoss: according to the pattern rules.

  2. Buy according to the pattern at support (В) 1874 – 1868. TakeProfit: 1932. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis

The EURSUD was corrected down in the short-term uptrend. The price reached support (В) 1.0495 – 1.0481. One could enter purchases in the indicated support zone with a target at the high of October 12. If this high is broken through, the next upside target will be Target Zone 1.0765 – 1.0736.

If support (B) is broken out, the trend will turn down. In this case, one should sell starting from the next trading day with a target in the lower Target Zone 1.0351 – 1.0322.

EURUSD trading ideas for today:

Buy according to the pattern at support (В) 1.0495 – 1.0481. TakeProfit: 1.0636. StopLoss: according to the pattern rules.


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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 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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