Daily Market Forecast, December 11, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Pound continues to get plenty of attention from traders as political concerns fester. The BoE, ECB, and Fed will all announce monetary policy decisions the middle of this week. Gold remains under pressure and will see increased speculation this week.

GBP/USD: Pound Remains Enticing

The Pound continues to attract plenty of attention as it trades near the 1.34 mark against the U.S Dollar. The British currency has done better this morning, but it remains affected by whirlwinds that emerge because of political ramifications. For patient traders who have a longer vision, buying the Pound remains enticing.

Gold: Increased Speculation Expected

Gold remains locked within the lower rungs of its value. The precious metal is near 1248.00 U.S Dollars an ounce as it bangs against a critical support. Major central bank announcements will be presented later this week, and traders should be prepared for conditions which are likely to see increased speculation. Courageous traders may attempt a buying position.

EUR/USD: Is the Euro Oversold?

The Euro remains below 1.18 against the U.S Dollar. The European Central Bank will conduct their monthly meetings and pronouncements on Thursday. Traders may continue to look for higher values from the Euro with the belief it has been oversold, but they should have risk management in place.

USD/JPY: Technical Levels Approached   

The Yen continues to trade within its weaker range near 113.50 against the U.S Dollar. Strong resistance technically persists around 114.00, but if the Nikkei Index continues to rise tests of weaker values from the Japanese currency may be seen.

Crude Oil: Downside Speculation Continues

Crude Oil was able to make gains before going into the weekend and it is straddling a tight range above 57.00 U.S Dollars a barrel. Speculators may continue to look for downside action from the commodity as questions persist about oversupply and competing for energy sources.

Yaron Mazor is a senior analyst at SuperTraderTV.

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