Daily Market Forecast – Gold and Crude Oil Rise on Trade War Concerns

Gold and U.S Crude Oil gained on Tuesday and are near important resistance levels which have proven difficult for traders over the mid-term. U.S Crude Oil Inventories data will be released today.

EUR/USD: Pent-Up Investors Seek Euro

The Euro gained on Tuesday and is above the 1.2350 level early this morning. U.S inflation numbers yesterday were stronger than expected, but pent-up investors began buying the Euro anyhow. There will be more inflation data from the U.S today. And Euro momentum may continue to attract buyers near term.

Gold: Closing in on Resistance

Additional gains were made in Gold yesterday and the commodity is around 1340.00 U.S Dollars per ounce. The precious metal has performed well early this week but is now closing in on important resistance and some traders may be wary of these heights. However, if risk-taking continues in the broad markets, Gold may find more takers.

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U.S Crude Oil: Upwards Value & Key Reversal Point

U.S Crude Oil proved strong again on Tuesday as the commodity markets remained bullish. Crude Oil is above 65.00 U.S Dollars a barrel and has entered what has proven in the mid-term to be a reversal point. But speculators may continue to seek additional upwards value. Traders need to be careful. U.S Crude Oil inventories data will be released today.

USD/JPY: Yen Range Bound Near Term

The Yen has proven range bound the past day, and even in the midst of increased risk-taking in Asia, the Japanese currency did not continue to weaken. This morning the Yen has become a bit stronger overall but remains above the 107.00 level versus the U.S Dollar and the Nikkei Index has seen slight selling.

GBP/USD: Pound Gains against U.S Dollar

The Pound gained against the U.S Dollar on Tuesday and remains within the strong framework of its mid-term range. The British currency is below the 1.42 level and will see speculative trading today before the Consumer Price Index numbers from the States.

Yaron Mazor is a senior analyst at SuperTraderTV.

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