Daily Market Forecast, January 2, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro and Pound enter today’s trading near important highs against the U.S Dollar.

EUR/USD: A Climb to Mid-Term Highs

The Euro has started the morning above 1.20 against the U.S Dollar. Volumes will remain questionable today, which could open the door to haphazard trading short term. However, the Euro has performed well the past week, and its ability to climb towards important mid-term highs has not gone unnoticed by speculators who continue to be bullish.

Gold: A Significant Leap in Value for Gold

Gold has added to its gains early today and has pushed towards 1306.00 U.S Dollars an ounce. The commodity has glittered the past week and jumped upwards significantly in value. Traders will have to be ready for downward reversals via their risk management but may remain buyers near term.

GBP/USD: Pound Accomplishes Big Surge

The Pound should be watched closely today as it starts at the 1.35 level against the U.S Dollar. A big leap in value was accomplished by the British currency last week, and the question is if it can sustain these heights. Some traders may be tempted to look for a selloff, but they should be careful.

USD/JPY: Quiet Few Days Expected for Yen

The Yen will be very quiet early this week as Japan remains on holiday until Thursday. The Japanese currency did gain against the U.S Dollar before going into the weekend and is near 112.72. Traders may look for additional strength from the Yen but should expect plenty of consolidated range trading near term.

Crude Oil: Bullish Speculative Sentiment

Crude Oil starts trading this week above the important 60.00 U.S Dollars a barrel level. The commodity has resumed its bullish push upwards and has looked strong in the mid-term. Trading for U.S Crude Oil may remain light today, but bullish sentiment may remain speculative.

Yaron Mazor is a senior analyst at SuperTraderTV.

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