Daily Market Forecast, January 24, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold has gained and Crude Oil continues to look strong and attract buyers.

GBP/USD: Trend Relentless for Pound

The Pound has gained versus the U.S Dollar and is above 1.40 in early trading. The relentless climb by the British currency continues to attract speculators. And traders who attempt to wager on downward reversals continue to get hurt. Until the trend ends, buying the Pound should be given consideration.

Gold: Whisking Fears Away in Gold

The price of Gold has broken through 1340 U.S Dollars an ounce and trading at $1345 at the time of writing. This value level has proven difficult for the precious metal before, but traders may believe the trading landscape is different this time and whisk aside fears of resistance. Gold may have the ability to gain further near term.

EUR/USD: Significant Strength as ECB Looms

The Euro has pushed upwards and is above the 1.23 mark against the U.S Dollar. While the European Central Bank’s monetary policy clearly waits on tomorrow’s schedule, the Euro has nevertheless shown significant strength and continues to attract buyers.

Crude Oil: Expanding Global Economy an Impetus

Gains in Crude Oil have continued and the commodity is near 64.50 U.S Dollars a barrel. Supply numbers will come from the U.S today, but the impetus for buying will likely be the belief the global economy is expanding and demand for Crude Oil will increase more.

USD/JPY: Yen Doesn’t Miss a Beat

The Yen has not been left behind as the U.S Dollar has weakened in forex. The Japanese currency is below the 110.00 level and its trading has been firm. The Bank of Japan kept its policy on script yesterday, and the Yen has not missed a beat as it trends stronger against the U.S Dollar.

Yaron Mazor is a senior analyst at SuperTraderTV.

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