Intraday outlook: oil rises, gold corrects, euro tests key support
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Market momentum continues to present tactical opportunities across major instruments, as crude oil pushes higher, gold undergoes a corrective phase within its uptrend, and the euro tests key structural support. Using a blend of margin zone methodology and technical analysis, here’s today’s refined forecast for USCrude, XAUUSD, and EURUSD.
After breaching the resistance area at 68.20–67.91, crude oil extended its short-term rally. Prices are now approaching the next significant resistance zone at 69.81–69.37, aligned with the boundary of the prevailing short-term downtrend. As this level is tested, short positions may become favorable, targeting a move back toward 67.40 initially, with a potential extension to 65.00. However, if price action closes firmly above this resistance during the U.S. session, trend reversal confirmation would open the path for long entries with the next upside target between 72.99 and 73.79.
Gold remains in a short-term uptrend but is undergoing a correction, currently moving toward support at 2990–2983. This zone offers a tactical opportunity for buyers, with upside potential toward 3020 and 3057. A break below this first support would likely extend the correction toward the secondary support at 2956–2946, keeping long setups delayed until stabilization signs re-emerge.
EURUSD is under pressure, pulling back toward key support at 1.0798–1.0783. This area marks the short-term uptrend's boundary and offers a clear level for tactical long positions, targeting a rebound toward 1.0868 and, if sustained, a further push to 1.0954. A daily close below the support zone, however, would negate the current bullish structure, shifting bias to the downside with an extended target near 1.0642–1.0611.
After breaching the resistance area at 68.20–67.91, crude oil extended its short-term rally. Prices are now approaching the next significant resistance zone at 69.81–69.37, aligned with the boundary of the prevailing short-term downtrend. As this level is tested, short positions may become favorable, targeting a move back toward 67.40 initially, with a potential extension to 65.00. However, if price action closes firmly above this resistance during the U.S. session, trend reversal confirmation would open the path for long entries with the next upside target between 72.99 and 73.79.
Gold remains in a short-term uptrend but is undergoing a correction, currently moving toward support at 2990–2983. This zone offers a tactical opportunity for buyers, with upside potential toward 3020 and 3057. A break below this first support would likely extend the correction toward the secondary support at 2956–2946, keeping long setups delayed until stabilization signs re-emerge.
EURUSD is under pressure, pulling back toward key support at 1.0798–1.0783. This area marks the short-term uptrend's boundary and offers a clear level for tactical long positions, targeting a rebound toward 1.0868 and, if sustained, a further push to 1.0954. A daily close below the support zone, however, would negate the current bullish structure, shifting bias to the downside with an extended target near 1.0642–1.0611.