Daily Market Forecast, January 8, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold has maintained its higher values and will be important to watch in the coming days.

USD/JPY: Yen Weakens and Nears Resistance

The Yen has weakened further and is near 113.20 against the U.S Dollar. There is a banking holiday in Japan today, which limits overall trading volume. However, the Yen began to react to the Nikkei’s Index surge the past week, and investors will be faced with a challenge ahead as the Yen trades near a known resistance level.

Gold: Higher Terrain to Achieve?

Gold has maintained its higher values early this morning as it bounces along the 1321.00 U.S Dollars an ounce mark. With full volumes back in the broad markets, the precious metal will be tested in the coming days. Speculative forces may believe Gold has higher terrain to achieve and stay buyers.

EUR/USD: Euro Hasn’t Stumbled

The Euro went into the weekend staying within the upper realms of its price range against the U.S Dollar. The European currency is above the 1.20 juncture and has faced selling from traders who believe it may be overvalued. However, the Euro has not stumbled substantially and speculators may remain bullish.

GBP/USD: Pound Performs Well and Holds Ground

The Pound has performed well the past two weeks as it has gained and held onto its price value. The British currency is around 1.3560 against the U.S Dollar. Prime Minister Theresa May finds herself in a better political position, and this in combination with a weaker U.S Dollar has helped sustain Pound speculators.

Crude Oil: Comfortably Above Important Price Juncture

Crude Oil appears comfortably above 61.00 U.S Dollars an ounce as trading opens this week. The cold snap in the U.S may add to buying sentiment in the coming days as usage is expected to pick up. U.S Crude Oil is in the midst of a solid mid-term trend.

Yaron Mazor is a senior analyst at SuperTraderTV.

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