Daily Market Forecast, February 15, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Forex remains fast as traders react to a change in sentiment. Gold is near important resistance.

Gold: Inflation Switch Ignited in Gold

The light switch appears to have been turned on in the Gold market regarding the realization that inflation has become a factor in the global economy. The precious metal is near 1353.00 U.S Dollars an ounce after a strong day of gains. Some speculators may want to remain to be bullish, but they should be careful as the commodity tests key resistance levels.

EUR/USD: Initial Weakness Sees a Stunning Reversal

The Euro reacted to the stronger than forecasted inflation data from the U.S initially with a burst of selling. However, as the data was digested the European currency stunningly reversed, and then surged higher. The Euro is near 1.2450 against the U.S Dollar and is once again within the higher realms of its values. And some traders may believe the Euro can put in additional gains near term.

USD/JPY: Change of Sentiment Becoming Evident

The Yen has been strong against the U.S Dollar and is around the 106.50 juncture. The Nikkei Index has put in gains too. Japanese Revised Industrial data was better than expected this morning. The strength of the Yen since early February is a sign that sentiment regarding the Bank of Japan is changing, and investors may believe the Yen will continue to gain.

GBP/USD: Pound Gains and BoE under Microscope

The Pound is above 1.40 against the U.S Dollar as it and other major currencies have gained. While economic data from the U.K has proven rather lackluster, inflation data has been higher than expected and this fact may put pressure on the Bank of England to be more aggressive than anticipated.

Crude Oil: U.S Crude Oil Could Remain Bullish Near-term

Crude Oil gained on Wednesday and was finally able to beat off headwinds which had taken the commodity lower the past week. Crude Oil is trading above 61.00 U.S Dollars a barrel. Yesterday’s supply numbers from the U.S showed that even as production has spiked in the States, demand is rock solid. Crude Oil could remain bullish near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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