Daily Market Forecast, January 3, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Speculative buyers remain active with the British currency. Gold has also seen rapid and fast market conditions as it has gained.

GBP/USD: Pound Finding Speculative Buyers

The Pound has ramped up again and is near 1.36 against the U.S Dollar. Even in the face of lackluster manufacturing data yesterday, the British currency has found speculative buyers. The Pound has gained well and fast, and traders who have been holding their long positions may begin to consider cashing out their profits.

Gold: Rapid Rise in Gains for Gold

Gold remains highly valued this morning. The commodity is near 1314.00 U.S Dollars an ounce. The gains made in Gold the past week have been rapid, and some traders may be suspicious about its price action. However, the precious metal has shown an ability to surpass resistance consistently, and speculators may attempt to ride it’s upwards trend.

Crude Oil: Traders Seek Additional Gains

Crude Oil maintained its higher values on Tuesday and remains above 60.00 U.S Dollars a barrel. Crude Oil Inventories will not be released until tomorrow, but traders in the commodity have not shown much desire for profit taking and may continue to seek additional gains near term.

USD/JPY: Yen Edging to Important Support

The Yen has moved towards important support levels and is near 112.25 against the U.S Dollar. Trading volumes for the Japanese currency are light as Japan remains on holiday. However, the Yen has followed other major currencies and gained versus the weaker U.S Dollar.

EUR/USD: Euro Holds Ground Past Day

The Euro has held onto its ground the last twenty-four hours and is around 1.2050 against the U.S Dollar. The Euro is near important resistance and potentially crucial inflation data will come from the European Union tomorrow. The short-term could prove to be tricky for traders and a test of the Euro’s range may become pronounced.

Yaron Mazor is a senior analyst at SuperTraderTV.

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