Technical analysis of US Crude, XAUUSD, and EURUSD for today (16 May 2022)


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 gold price continues to decline within a short-term downtrend.

The article covers the following subjects:

Oil price forecast for today: USCrude analysis

As part of a short-term uptrend on Friday, the Target Zone 106.76 – 105.88 was broken out. The next target for purchases is the Gold Zone 110.69 – 110.26. It is profitable to look for new purchases on correction after the test of the trend key support 105.49 – 105.05. A pattern is required for entering purchases.

An alternative sales scenario suggests a breakout of the Intermediary Zone and price consolidation below in the American session. In this case, the short-term trend will reverse down, so consider sales with a target in the lower Target Zone.

USCrude trading ideas for today:

Buy according to the pattern in Intermediary Zone 105.49 – 105.05. TakeProfit: 109.80. StopLoss: according to the pattern rules.


Gold price forecast for today: XAUUSD analysis

The gold price continues to decline within a short-term downtrend. Last week, on Friday, the Gold Zone 1818 – 1814 was broken out. The next target for sales is the Target Zone 1782 – 1775.

Today began with a slight gold correction, within which the Additional Zone 1818 – 1817 was tested. The AZ is a strong resistance level, in which sellers’ reaction and the price falling can be seen. The target of the fall is to update Friday’s low. After the successful update, it makes sense to rearrange strong resistance levels.

The trend border is shifting to the zone of 1838 – 1835. As long as the price is trading below these levels, it is profitable to consider short trades.

XAUUSD trading ideas for today:

  1. Sell according to the pattern in Additional Zone 1818 – 1817. TakeProfit: 1799. StopLoss: according to the pattern rules.

  2. Sell according to the pattern in Intermediary Zone 1838 – 1835. TakeProfit: 1799. StopLoss: according to the pattern rules.


Euro/Dollar forecast for today: EURUSD analysis

The short-term euro downtrend continues. On Friday, traders tested the Gold Zone 1.0353 – 1.0344, but failed to break it out. As a result, the price corrected and tested the Additional Zone 1.0402 – 1.0397. The AZ serves as a strong resistance level, in which it is profitable to enter new sales with a target at Friday’s low. If Friday’s low is updated, then the Gold Zone will be broken out, and the price will be consolidated lower with a high probability.

In the case of the Gold Zone breakout and price consolidation below, the next target for sales will be the Target Zone 1.0257 – 1.0238.

To reverse the trend and enter purchases, traders need to break out level 1.0455 and consolidate the price higher.

EURUSD trading ideas for today:

  1. Sell according to the pattern in Additional Zone 1.0402 – 1.0397. TakeProfit: 1.0353. StopLoss: according to the pattern rules.

  2. Sell according to the pattern in Intermediary Zone 1.0455 – 1.0445. TakeProfit: 1.0353. 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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