Daily Market Forecast – Gold and Crude Oil Gain on Geopolitical Risk

Gold has gained well this week but has lost slight value this morning after touching vital resistance. U.S Crude Oil has gained on geopolitical concerns in the Middle East.

EUR/USD: Euro Maintains Value but Range is Tight

The Euro has been consolidated and the currency is near the 1.2360 versus the U.S Dollar this morning. Inflation data from the States was weaker than forecasted yesterday, which helped the Euro maintain the gains it made on Tuesday. The European Central Banks Meeting Accounts report will be released today and could affect trading.

Gold: Can Momentum Sustain Itself?

Gold is near 1350.00 U.S Dollars an ounce after being bought in a strong manner once again yesterday. The commodity has lost some value this morning on what has likely been profit taking. However, Gold is also near resistance which has proven difficult to surpass before, but some speculators may remain bullish and seek higher values on the belief this time may be the charm for the precious metal to sustain its momentum.

U.S Crude Oil: Geo-Political Rhetoric Fuels Energy Sector

Geopolitical concerns in the Middle East have sparked a wave of buying in the Crude Oil sector. The commodity is above 67.00 U.S Dollars a barrel as the Syrian conflict has caused escalated rhetoric between the U.S and Russia. Traders with courage may believe the commodity is priced too high.

USD/JPY: Yen Gains Slightly versus U.S Dollar

The Yen has been stronger the past day and is near 106.80 versus the U.S Dollar. Traders have been cautious in Japan this morning and the Nikkei Index has lost some value but the Yen remains within a fairly tight technical pattern and is still within the weaker part of its mid-term range.

GBP/USD: Consolidated and Within Stronger Realms

The Pound has consolidated after the gains it made on Tuesday. The British currency remains below the 1.42 level against the U.S Dollar. Manufacturing Production numbers from the U.K were weak yesterday. However, the Pound remains within the stronger realms of its short-term range.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.