Daily Market Forecast – Gold Slips, US Dollar Firm

Gold saw a wave of nervous buying on Friday but has been tranquil early this morning.

EUR/USD: Range Trading Likely Next 24 Hours

The Euro remains below 1.23 versus the U.S Dollar this morning, and investors looking at the calendar are aware that important U.S inflation data will be released Tuesday and Wednesday. The European currency remains comfortably above important support near the 1.2175 juncture and may continue to range trade the next twenty-four hours.

Gold: Upside could be Speculative

Gold is valued at approximately 1333.00 U.S Dollars an ounce this morning. The commodity surged on Friday as risk adverse sentiment sparked buying, but Gold remains below important resistance around 1340.00 Dollars. The precious metal has proven challenging the past week. Brave speculators may look for upside in the near term.

USD/JPY: Yen Testing Important Resistance

The Yen is above the 1.07 level again versus the U.S Dollar as Asian investors have proven less risk adverse this morning. The Nikkei Index has been cautious but has seen buyers remain active. The Japanese currency is testing the weaker realms of its mid-term range and traders may be tempted to look for strength to develop.

Crude Oil: Looking for Upside Reversal

U.S Crude Oil took a hit on Friday as fear regarding the loud trade debate between China and the U.S grew in volume. The commodity is above 62.00 U.S Dollars a barrel and speculators may look for a reversal upwards based on the belief Crude Oil is near important support.

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GBP/USD: Short Term is Range Bound for Pound

The Pound is near the 1.41 mark against the U.S Dollar. The British currency is near an important juncture as traders essentially will have to choose on a direction if they are short-term players and want to test its range. U.S inflation data coming tomorrow and on Wednesday will provide an impetus.

Yaron Mazor is a senior analyst at SuperTraderTV.

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