Daily Market Forecast, January 16, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Pound remains near important highs as U.K inflation data is anticipated. Gold has also been consolidated.

EUR/USD: Euro Still in Upper Tier Value

The Euro maintained its upper tier value on Monday and has been stable early this morning. The currency is near 1.2260 against the U.S Dollar and has not suffered any major reversals in spite of its spike higher on Friday. The next two days will prove important for the Euro and short-term traders will have to be nimble.

Gold: Gold Sustains Tight Range

Gold has entered Tuesday’s trading essentially in the exact range it experienced yesterday. Trading volumes will rise as U.S investors return to the markets after yesterday’s holiday, and the precious metal may see a true test of its values as the day unfolds. However, speculators may believe Gold’s bullish trend will continue.

GBP/USD: Strong Run in Pound as Data Lurks

The Pound is trading slightly below the 1.38 mark against the U.S Dollar and will get plenty of attention today as U.K inflation data is released. The Pound’s remarkable flourish higher has been strong, and traders betting on a pullback will need to be patient and have risk management in place.

Crude Oil: Busy Day Ahead in U.S Crude Oil

U.S Crude Oil will see a busy day of trading as American traders return after their holiday. Crude Oil is near 64.50 U.S Dollars a barrel as it tests the higher boundaries of its long-term range. However, the commodity’s bull market may not be complete.

USD/JPY: Yen Fractionally Weaker this Morning

The Yen has been fractionally weaker this morning and is near 110.80 against the U.S Dollar. The Nikkei Index has put in rather strong gains this morning. However, the Yen may be experiencing headwinds in the aftermath of its solid movement the past week as traders have become cautious.

Yaron Mazor is a senior analyst at SuperTraderTV.

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