Daily Market Forecast, August 28, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Crude Oil: Flooding Could Impact Commodity

Crude Oil must be watched intently by traders. The commodity has begun today’s trading below 48.00 U.S Dollars. However, because the flooding impact in Texas has still not been completely factored, speculators may seek buying positions with the belief Crude Oil has upside potential in the short term because refineries in the U.S will not be able to work to capacity.

Gold: Key Psychological Level Approached

Gold has climbed early this morning following in the footsteps of the gains it made on Friday. The precious metal is near the 1300.00 U.S Dollars an ounce, which is a key psychological level. The U.S Dollar’s recent weakness may continue to fuel Gold’s momentum higher.

EUR/USD: Euro Surges to New Highs

The Euro has maintained it highs early today after putting in sharp gains on Friday in the wake of Mario Draghi’s speech at Jackson Hole. The Euro is trading above 1.19 against the U.S Dollar and is touching highs not seen since January of 2015. The Euro may continue to attract speculators this week.

GBP/USD:  U.K. Banking Holiday

The U.K is on banking holiday today. The Pound did gain before going into the weekend, and traders may attempt buying positions today if they see other major currencies gain against the U.S Dollar with the belief the British currency may get an additional boost tomorrow upon the return of U.K investors on Tuesday.

USD/JPY: Incremental Gains & Near Support

The Yen has made incremental gains against the U.S Dollar and has inched closer towards the 109.00 support level. Japan will present a host of data this week including Household Spending and Retail Sales. Recent economic reports from Japan have been better. The Nikkei Index has been under slight pressure this morning.

Yaron Mazor is a senior analyst at SuperTraderTV.

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