Daily Market Forecast, November 21, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro continues to experience headwinds as political concerns swirl in Germany. Gold saw resistance raise its ugly head on Monday as the precious metal was pushed lower. The Pound should be watched as Inflation Hearings are held in the U.K today.

EUR/USD: Wide Range and Potentially Oversold                        

The Euro continues to see a wide range displayed. The currency is above the 1.17 level against the U.S Dollar. Traders tempted to take positions should be patient and practice risk management. Investors may view the Euro as oversold and believe the 1.18 juncture will again come into sight.

Gold: Resistance Proves Dangerous

Gold proved again that it is a dangerous asset on Monday. After initially pushing higher in early trading, the precious metal slammed lower and is near 1280.00 U.S Dollars an ounce. Resistance proved strong, but speculators may believe Gold has another reversal up its sleeve and could pursue another near-term climb in value.

USD/JPY: Potential for Further Weakness in Yen

The Yen weakened moderately late on Monday and is near 112.50 against the U.S Dollar. The Nikkei Index has added value this morning as equities have proven they still firm. The Yen has the potential to weaken further and revisit the 113.00 mark against the U.S Dollar short term.

Crude Oil: A Retest of Highs for Crude Oil

U.S Crude Oil has shown the ability to edge higher the past few trading sessions. Crude Oil remains below 57.00 U.S Dollars a barrel, and traders may seek buying positions based on the belief the commodity will retest highs made about two weeks ago.

GBP/USD: Inflation Hearings Being Conducted Today

The Pound has maintained its value as the U.K gets reading for Inflation Hearings which will be conducted today. The 1.3250 value of the U.S Dollar remains a battleground. Range trading has been part of the landscape due to concerns surrounding the Euro. Traders need to monitor Bank of England Governor Carney’s comments today.

Yaron Mazor is a senior analyst at SuperTraderTV.

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