Daily Market Forecast, December 19, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold found additional buyers and has held onto its gains early this morning. As the Christmas holiday approaches, investors are beginning to show caution.

EUR/USD: Calm Approach Needed for Euro

The Euro was able to gain fractionally against the U.S Dollar on Monday but has maintained a tight range. Inflation data from the European Union published yesterday met expectations head-on. The Euro continues to face short-term headwinds, but speculators with a patient approach may continue to hold onto the Euro with the expectation it will gain near term.

Gold: Speculative Reversal Downwards?

Gold has managed to add value to the U.S Dollar and is near important resistance. The precious metal is trading at 1265.00 U.S Dollars an ounce and should be watched carefully as volumes start to thin as the Christmas holiday draws closer. Traders should be on the lookout for a speculative reversal downwards.

GBP/USD: Slight Gains for Pound in Tight Trading

The Pound traded in a tight range, but gained against the U.S Dollar and is priced below the 1.34 level as of this morning. Traders will likely remain cautious today, as tomorrow’s testimony nears from Bank of England Governor Carney about U.K financial stability.

USD/JPY: Bank of Japan on Thursday as Range Holds

The Yen has maintained a consolidated mode against the U.S Dollar and is valued near 112.60 this morning. The Nikkei Index has been cautious this morning, and the Bank of Japan will release its Monetary Policy on Thursday. Traders may be waiting for some weakness from the Yen to potentially develop.

Crude Oil: On the Lookout for Breakouts

Crude Oil has seen its price hold tight above 57.00 U.S Dollars an ounce. U.S Crude Oil has experienced a consolidated range the past few trading sessions and this may persist as the holiday season develops. However, traders should have risk management in place in case a sudden breakout occurs.

Yaron Mazor is a senior analyst at SuperTraderTV.

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