Daily Market Forecast – Gold and Crude Oil Trade in Narrow Range

Gold has seen a narrow range and remains highly valued. Crude Oil is still priced relatively expensive but is below last week’s prices.

GBP/USD: Pound Stays Strong versus U.S Dollar

The Pound remained the strongest among the major currencies on Monday as it gained well against the U.S Dollar. The British currency is near 1.4330 and investors are bracing for important U.K employment data, including the Average Earnings Index. Brave speculators may look for a reversal to develop and for the Pound to lose traction near term, but they should be careful.

Gold: Steady Performance from Precious Metal

Gold has seen a rather narrow range. The precious metal is near 1345.00 U.S Dollars per ounce. The commodity did come off highs yesterday but then reversed from lows. Traders may believe Gold is valued high, but they should note it has effectively stayed within its stronger boundary the past week.

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U.S Crude Oil: Geo-Politics and Weather

U.S Crude Oil remained stubborn on Monday and relatively expensive. However, the commodity has stayed below the 67.00 U.S Dollars a barrel level achieved last week. U.S Crude Oil will be speculative in the coming days. Geopolitical risk has been a factor along with cold weather in the U.S Northeast. But traders still may think Crude Oil is priced too high.

USD/JPY: Wait and See Approach from Traders

The Yen has gotten slightly stronger in the past day and is traversing around the 107.00 level against the U.S Dollar. Inflation data will come from Japan late this week, but its numbers are expected to be lackluster. The Yen continues to trade largely upon risk sentiment and may see additional range trading near term.

EUR/USD: Euro Plays Catch Up in Forex

The Euro got stronger on Monday and proved it does not trade in a world of its own as it followed other major currencies higher versus the U.S Dollar. The Euro is near 1.2385 this morning after coming off support levels.

Yaron Mazor is a senior analyst at SuperTraderTV.

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