Technical analysis of US Crude, XAUUSD, and EURUSD for today (24 May 2023)

2023.05.24 2023.05.24
Short-term analysis for oil, gold, and EURUSD for 24.05.2023

Alex Rodionovhttps://www.litefinance.org/blog/authors/alex-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.

The EURUSD traders are trying to break out the lower Target Zone 1.0773 – 1.0741.

Oil price forecast for today: USCrude analysis

The oil price has broken through the high of May 10. The oil traders should try to break out the Target Zone 73.53 – 72.66 and consolidate the price above. In this case, the next upside target will be the Gold Zone. Otherwise, the market will be corrected down.

It is relevant to enter new purchases on the correction at strong support levels: the zones of 71.02 – 70.73 and 69.57 – 69.14. The first upside target is around today’s high.

USCrude trading ideas for today:

1. Buy according to the pattern at support (А) 71.02 – 70.73. TakeProfit: 73.85. StopLoss: according to the pattern rules.

2. Buy according to the pattern at support (В) 69.57 – 69.14. TakeProfit: 73.85. StopLoss: according to the pattern rules.

Gold forecast for today: XAUUSD analysis

Gold is trading in the short-term downtrend. The gold traders tried to break out the Target Zone 1956 – 1943 yesterday but failed. The price has been corrected up.

If the correction continues today, the price will reach resistance (А) 1997 – 1993. After this resistance zone is tested, one could enter new sell trades with a target at the low of May 18.

If resistance (A) is broken out, the price will reach resistance (B) 2020 – 2014. This is the border of the short-term downtrend, so one could also enter sell trades there.

XAUUSD trading ideas for today:

1. Sell according to the pattern at resistance (А) 1997 – 1993. TakeProfit: 1953. StopLoss: according to the pattern rules.

2. Sell according to the pattern at resistance (В) 2020 – 2014. TakeProfit: 1953. StopLoss: according to the pattern rules.

Euro/Dollar forecast for today: EURUSD analysis

The EURUSD traders are trying to break out the lower Target Zone 1.0773 – 1.0741. The zone hasn’t been broken out. The short-term trend remains down.

One could enter new sell trades at resistance (А) 1.0876 – 1.0866 and resistance (В) 1.0935 – 1.0919. Enter short trades when there is a sell signal. The first downside target will be yesterday’s low.

If Target Zone is broken out and the price consolidates below, the next downside target will be the Gold Zone 1.0667 – 1.0657. In this case, the strong resistance zones should be rearranged.

EURUSD trading ideas for today:

1. Sell according to the pattern at resistance (А) 1.0876 – 1.0866. TakeProfit: 1.0762. StopLoss: according to the pattern rules.

2. Sell according to the pattern at resistance (В) 1.0935 – 1.0919. TakeProfit: 1.0762. StopLoss: according to the pattern rules.

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Price chart of EURUSD in real time mode