Daily Market Forecast, December 13, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Forex has become very cautious the past day as traders await a slew of central bank announcements over the next day and a half. The Pound has been also affected by political concerns again in the U.K and Gold has essentially sat in place.

GBP/USD: Stalled on Lower Rungs

The Pound has remained near the lower rungs of its short-term value as political concerns once again embattle the U.K landscape. As the Bank of England prepares its summary presentation for tomorrow, traders may position themselves with the notion the Pound will be able to attract additional buyers near term.

Gold: Sitting in Place as Central Banks Await

Gold has essentially sat in place the past twenty-four hours with a consolidated price of 1243.00 U.S Dollars an ounce. However, traders should take into consideration the next day and a half will deliver three key monetary policy statements from the U.S, U.K and the European Union. Speculators may believe Gold can still go higher, but their positions should be carried forth with caution.

Crude Oil: Resistance Proved Strong on Tuesday

U.S Crude Oil was not able to hold onto the gains it made on Monday, as resistance proved prevalent yesterday. The price of the commodity is above 57.00 U.S Dollars a barrel. The past couple of weeks have produced a rather tight range for Crude Oil as the commodity has been pushed around technically.

USD/JPY: Incremental Gains But Cautious

The Yen has made incremental gains against the U.S Dollar the past day and is trading near 113.35 rather cautiously. Traders may continue to look for further gains in the coming days but should stay alert as the U.S Federal Reserve releases its monetary policy statement later today.

EUR/USD: Upside Potential for Patient Traders

The Euro has seen tight trading this week as it hovers near short-term support. The European currency is near 1.1750 against the U.S Dollar and continues to look like it has upside potential for the patient trader.

Yaron Mazor is a senior analyst at SuperTraderTV.

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