Daily Market Forecast, March 5, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Gold and the Japanese Yen were weekend safe-haven assets for traders.

EUR/USD: Euro Advanced, Italian Parliamentary Election Key

The Euro advanced against the U.S. Dollar and the Pound over the weekend, however, today, investors will take a close look at the Italian Parliamentary election results and Services PMI data. Caution is deeply suggested as volatility is expected to rise, while a clear market direction could be questioned during the trading day.

Gold: Precious Metal Finds Support

Gold was able to find support above the 1,300 mark and is near 1,320.00 U.S Dollars an ounce as Trump ignites global trade war concerns. The precious metal gained its safe-haven title again as speculators may jump on the wagon for further upside movement in the near term.

USD/JPY: Yen is Testing Fresh Highs on Safe-Haven Demand

The Yen marched straight to its highest value for more than a year, accelerating its upside run into the weekend. The currency enjoys safe-haven demand and increases in risk adverse sentiment as trade war concerns are on the table. The Japanese currency is below the 106.00 juncture against the U.S Dollar and is positioned well to break down further. However, the major pair is stretched to the downside and a relatively quiet day of geopolitical news could spark an upside correction.

Yaron Mazor is a senior analyst at SuperTraderTV.

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