Daily Market Forecast, August 24, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

EUR/USD: Euro Fights for Higher Ground

The Euro added value on Wednesday and the 1.18 juncture is proving to be a major crossroad for sentiment against the U.S Dollar. The Euro’s strong trend has fought off headwinds the past two weeks. Speculators appear ready to seek higher values for the European currency as it continues to retest resistance.

Gold: Fast Conditions Likely Today

The precious metal gained moderately on Wednesday, as it presses up against resilient headwinds. The 1295.00 U.S Dollars an ounce mark is a focus. Traders should be prepared for fast conditions today and tomorrow as the Jackson Hole Symposium begins to create a dynamic effect in the broad markets.

GBP/USD: Brexit Lack of Clarity Hurts

The Pound remained under pressure on Wednesday and fell below what was perceived as an important resistance of 1.28 against the U.S Dollar. A lack of clarity regarding the mechanics of the Brexit appears to be creating nervous sentiment surrounding the British currency. Gross Domestic Product numbers will come from the U.K today and will impact speculative positions for the Pound.

Crude Oil:  Tests within a Known Range

Crude Oil remained volatile but locked within its known range. The commodity sold off for a period on Wednesday, but late in the day rebounded. Supply numbers from the States met expectations head on yesterday. Crude Oil will remain speculative today as technical trading dominates.

USD/JPY: Cautious Sentiment Makes Yen Stronger

The Yen has gained moderately early as Asian investors have become more risk averse ahead of the economic summit which will take place in the U.S over the next few days in Jackson Hole, Wyoming. The Nikkei Index has produced cautious selling.

Yaron Mazor is a senior analyst at SuperTraderTV.

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