Daily Market Forecast, November 1, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The U.S Federal Reserve will release its monetary policy statement today. The Bank of England is on the schedule for tomorrow. The Pound has been stronger, but the Euro has languished. The Yen has been weaker early this morning.

GBP/USD: Traders Venturing Forth as Buyers

The Pound has continued to creep higher the past day. The British currency is now trading within sight of the 1.33 level against the U.S Dollar. Traders continue to venture forth with buying positions as the Bank of England prepares its Monetary Policy Summary for release tomorrow. More upside potential is likely to be tested.

Crude Oil: A Quiet and Steady Trend

U.S Crude Oil has continued to trend higher in a rather quiet, yet strong manner. The commodity is near 55.00 U.S Dollars a barrel. Crude Oil Inventories will be released from the States today and speculators may continue to attempt buying positions. U.S Crude Oil is approaching important resistance, but investors appear calm within this higher range.

USD/JPY: Resistance Appears Vulnerable

The Yen has weakened this morning as the Nikkei Index has put in a huge wave of gains among Japanese equities. The Yen is near 114.00 against the U.S Dollar and traders may suspect resistance around this juncture is becoming vulnerable. Buying of the U.S Dollar against the Yen may continue today.

Gold: U.S. Crude Oil Holds Onto Gains

Gold has continued to make traders scratch their heads. The precious metal gained this morning and is near 1276.00 U.S Dollars an ounce. Gold continues to trade in a rather awkward range as it has battled higher only to be taken back towards support. Gold may continue to display weakness today.

EUR/USD: Gains Made, but a Fall Occurs Again

The Euro did put in gains on Tuesday against the U.S Dollar, but in the past twelve hours has again moved lower and back to the lower rungs of its value. The Euro is near 1.1640 as of this morning and should be watched closely as central bank pronouncements come from the U.S Federal Reserve today.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.