Daily Market Forecast, December 5, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

After early nervousness among Pound traders because of the Eurogroup meetings, the British currency was able to stage a comeback, but it has suffered another downturn this morning. Gold remains under the shadow of the strength in the global equity markets which has re-emerged.

GBP/USD: Pound Stages a Turnaround

After early nervousness as the Eurogroup meetings got underway on Monday and selling, the Pound was able to stage a turnaround and trade near the 1.35 level against the U.S Dollar. However, late last night Northern Irish politicians threw a monkey wrench into the Brexit deal and the Pound has lost value and may be vulnerable short term until a deal can be accomplished.

Gold: Tempting Market for Technical Traders

Gold remains a tempting market for technical traders who believe they can interpret short-term ranges. The precious metal remains under headwinds, particularly with the strong showing from U.S equities and more bullish sentiment expected in the global equity markets. However, Gold was able to stay above critical support on Monday and remains intriguing as a range trade.

USD/JPY: Important Resistance Being Tested

The Yen should be watched carefully today as Asian investors react to the climb on Wall Street, and follow through in their own markets with mixed trading. The Yen continued to weaken on Monday but was then sold off promptly. Speculators may continue to make the Yen turbulent against the Yen in the near term as

Crude Oil: Selling Pressure Resumes for Crude Oil

Crude Oil came off highs which it produced before going into the weekend. U.S Crude Oil fell below the 58.00 U.S Dollars a barrel level again as selling became heavy. The commodity has not been able to push through critical resistance and speculators may look for further downside potential in the near term.

EUR/USD: Short Term Equilibrium Found

An equilibrium appears to have been found the short term for the Euro against the U.S Dollar. As the Pound has made a significant move, the Euro has languished. Yes, the European currency has made incremental gains, but it has not been able to push through resistance. Speculators may continue to look at the Euro as a hold on the belief value will be added eventually.

Yaron Mazor is a senior analyst at SuperTraderTV.

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