Daily Market Forecast, November 6, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Pound may entice traders who view its current price juncture against the U.S Dollar as a support level. Gold continues to deliver body blows to many short-term traders, while U.S Crude Oil has kept its steady speculative buying momentum going.

GBP/USD: Steady Support Helps Mid-Term Investors

The Pound has been tested the past week and enters trading on Monday below the 1.31 juncture against the U.S Dollar. However, the British currency has also displayed some steady support, and mid-term investors may continue to buy with the intention of holding onto their positions with the belief a 1.32 value is attainable.

Gold: Strong Selling But Fast Swings in Value

Body blows continue to be delivered to traders participating in Gold. The precious metal was taken lower as Friday ended with strong selling. Gold has produced choppy trading and its cruel swings may not be over yet. Patience and deep pockets are needed if short-term trades are being attempted. Brave traders may look for a potential climb today, but they have to be careful.

Crude Oil: A Belief in the Upside

Crude Oil surged before going into the weekend and broke through resistance, finishing near 55.60 U. S Dollars a barrel. U.S Crude Oil will likely see fast conditions today as speculators enter the market. Traders may continue to look for upside with the belief Crude Oil’s momentum will be strong. WTI crude oil is trading at 56.02 on Monday morning as the recent developments in Saudi Arabia weigh on the black gold.

EUR/USD: Euro near Important Support

The Euro remains turbulent within a consolidated range near the weakest part of its mid-term range against the U.S Dollar. The European currency is floundering barely above the 1.16 level against the U.S Dollar, which some traders may look at as speculative support. Eurogroup meetings will get underway today and Mario Draghi speaks tomorrow.

USD/JPY: A Speculative Sell as Trump Visits

The Yen remains landlocked near 114.00 against the U.S Dollar. Asian investors could prove cautious today and through the week as President Trump tours the region. Trump is in Japan today. The Nikkei Index remains very strong, and the Yen remains a speculative sell against the U.S Dollar.

Yaron Mazor is a senior analyst at SuperTraderTV.

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