Daily Market Forecast, August 29, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Crude Oil: Texas Flooding and Speculation

Crude Oil saw strong selling early on Monday as speculative elements sold the commodity. Crude Oil did find support late in the evening and has gained early today. The commodity is below 47.00 U.S Dollars a barrel and traders may continue to look for upside potential as the Texas flooding drama unfolds.

Gold: Precious Metal Rockets Higher

Gold has rocketed higher and is above the 1320.00 U.S Dollars an ounce juncture. The precious metal added plenty of ground on Monday and then got an additional push higher up on the news about a missile launch from North Korea. Gold should be treated very carefully today and with a solid plan for risk management.

EUR/USD: Momentum Upwards for Traders

The Euro is testing extremely important resistance. Gains for the European currency have taken it to the 1.1980 juncture against the U.S Dollar. The Euro has put in a solid trend the past few months and traders may continue to attempt to ride its potential momentum upwards in the near term.

GBP/USD:  Testing Important Resistance

U.K investors will return from their long holiday weekend today. The Pound gained solidly on Monday and is now perched above the 1.29 level against the U.S Dollar. The British currency has been able to retrace higher and is now in a position in which it will likely test important short term resistance.

USD/JPY: Yen Gets Boost from Safe Haven Traders

The Yen has gotten stronger upon the news that North Korea tested a missile which flew over Japan early today. The Yen has broken through support and is now around 108.80 against the U.S Dollar. Traders may continue to look for safe havens this morning and the U.S Dollar may find itself being sold against the Yen in the near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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