Daily Market Forecast – Gold Under Pressure as US Dollar Continues Strengthening

The Euro, Pound, and Yen remain near important technical junctures. Headwinds have continued in the Gold market and sellers remain active.

EUR/USD: Euro Appears Vulnerable Short Term

The Euro remains perched above the 1.21level against the U.S Dollar early today. The European currency showed the ability to sustain its range on Friday, even as the U.S growth numbers beat expectations. However, the Euro remains near important support and looks vulnerable near term.

Gold: Precious Metal’s Headwinds Remain

Gold has lost a bit of additional ground this morning and is near 1321.00 U.S Dollars an ounce. The strong U.S Dollar has caused severe headwinds for the precious metal the past ten days and the commodity may find sellers remain active.

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GBP/USD: Pound Flirting with Important Lows

The Pound is below 1.38 after stumbling versus the U.S Dollar. Poor growth numbers from the U.K on Friday certainly created negative sentiment for the British currency. The Pound is flirting with lows not experienced since late February before it produced a solid climb, but traders may remain sellers for now.

USD/JPY: Trading Volume for Yen Limited Today

The Yen remains above the 109.00 level against the U.S Dollar. Japan is on a holiday today, so trading volumes for the Japanese currency will be limited. The recent weakness of the Yen is testing important mid-term resistance levels.

U.S Crude Oil: Consolidation Evident in the Commodity

Crude Oil has barely moved the past few trading sessions. The commodity remains slightly below the 68.00 U.S Dollar per barrel juncture, but consolidation is evident. Traders may continue to look for more upside momentum.

Yaron Mazor is a senior analyst at SuperTraderTV.

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