Technical analysis for USCrude, XAUUSD, and EURUSD today (16 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.
Gold is trading down in the short term.
The article covers the following subjects:
Oil price forecast for today: USCrude analysis
Following the correction up to the trend key resistance 80.38 – 79.85, the short-term downtrend continued. The downside target is the low of November 8. When the low of November 8 is broken through, the next target will be Target Zone 2, 73.11 – 72.45.
Today, it is relevant to hold down sell trades entered at the trend key resistance zone; the stop-loss could be set at a breakeven.
If the price starts rising from the current levels and exceeds the high of November 14, the short-term trend will possibly turn up.
USCrude trading ideas for today:
Hold down sell trades according to the pattern entered in resistance (В) 80.38 – 79.88. TakeProfit: 75.03. StopLoss: at breakeven.
Gold forecast for today: XAUUSD analysis
Gold is trading down in the short term. The price tested resistance (B) 1983 – 1977. This is the trend key resistance, and one could enter sell trades there.
A sell pattern was formed yesterday. The price broke the pink trendline in the chart. Today, it is relevant to open a sell position. The first downside target will be yesterday’s low. The second one is the low of November 13.
It will be relevant to buy when the price breaks out resistance (B) and consolidates above as the short-term trend this way will turn up.
XAUUSD trading ideas for today:
Sell according to the pattern at resistance (В) 1983 – 1977. TakeProfit: 1920. StopLoss: according to the pattern rules.
Euro/Dollar forecast for today: EURUSD analysis
The EURUSD is being corrected down in the short-term uptrend. The price could reach support (А) 1.0803 – 1.0795. When the price tests the suggested support zone, one could enter new purchases with a target at the high of November 14. After the indicated high is broken through, the next upside target will be Target Zone 2, 1.0921 – 1.0904.
If support (A) is broken out, the price will go down to support (В) 1.0761 – 1.0748. Support (B) is the trend border; one could also ener long trades there.
EURUSD trading ideas for today:
Buy according to the pattern at support (А) 1.0803 – 1.0795. TakeProfit: 1.0885. StopLoss: according to the pattern rules.
Buy according to the pattern at support (В) 1.0761 – 1.0748. TakeProfit: 1.0885. StopLoss: according to the pattern rules.
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Price chart of XAUUSD in real time mode
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