Daily Market Forecast, December 20, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

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Published: Dec 20, 2017, 08:03 UTC

The Euro and Pound put in gains against the U.S Dollar on Tuesday and are near important resistance levels.

The Bank of Japan will conduct its Monetary Policy meeting early tomorrow. Bank of England Governor will speak today about U.K financial stability.

EUR/USD: Euro Storms Higher

The Euro stormed higher on Tuesday and is solidly above 1.18 against the U.S Dollar. The question is if the European currency can maintain its gains and build on its value? Speculators may continue to look for upside potential and use the 1.19 juncture as a target, but they should be ready for short-term reversals.

Gold: Gold Tranquility Intriguing for Investors

The price of Gold was able to find a tranquil trading ground yesterday. The precious metal remains near 1263.00 U.S Dollars an ounce. With the approaching holiday season, traders need to be ready for trading which will definitely thin. However, traders may continue to look for gains near term.

GBP/USD: Carney Making a Statement Today

Bank of England Governor Mark Carney will make a statement regarding U.K financial stability today. The Pound is below the 1.34 level after picking up momentum yesterday. The British currency will react to the Bank of England statement today and could be rather volatile.

USD/JPY: Governor Kuroda to Remain Leader

The Yen is near 113.00 against the U.S Dollar this morning. The Bank of Japan is expected to re-name Governor Kuroda as the leader for another term soon. The Yen may see its weakness tested near this juncture and is likely to range trade leading up to the BoJ monetary policy statement tomorrow.

Crude Oil: Traders Attracted to Stable Value

Crude Oil gained again on Tuesday as traders remain attracted to the commodity and its ability to sustain its value. Although U.S Crude Oil has not gained like it did a couple of months ago, it has not given back its value and remains near important resistance. Crude Oil is near 58.00 U.S Dollars a barrel.

Yaron Mazor is a senior analyst at SuperTraderTV.

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About the Author

Yaron Mazorcontributor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology, and education.