Daily Market Forecast, October 16, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Pound is certain to be a focal point in forex this week, as BoE Governor Mark Carney speaks tomorrow to the British Treasury. Gold remains near important resistance and Crude Oil has had geopolitical concerns emerge as the Kurdish independence question has sparked worries about oil production.

GBP/USD: Carney Address Shadowing Pound

The Pound will be a focal point in forex this week. Bank of England Mark Governor will testify before the British Treasury on Tuesday, and it is expected he will outline the Central Bank’s next move which will take place early November. The Pound is near 1.33 against the U.S Dollar and will be speculative today and early tomorrow.

Gold: Gold Punching Through Resistance

Gold has lost a small amount of ground in early trading this morning. The precious metal is near 1300.00 U.S Dollars an ounce. Gold has shown an ability to punch through resistance in the short-term and speculative traders may continue to look for additional value.

Crude Oil: Kurdish Independence Concerns

Geo-politics are weighing the value of Crude Oil. The Kurdish independence movement is sounding alarms in Iraq and elsewhere, which has created worries about production and supply. U.S Crude Oil is near 52.00 U.S Dollars a barrel and may have some additional room to gain short term.

EUR/USD: Euro Battling Sluggish Values

The Euro proved sluggish before going into the weekend, after achieving high water marks on Thursday. The Euro has come off of short-term highs and is battling the 1.18 juncture against the U.S Dollar. The Euro may continue to intrigue long-term investors who believe it has room to gain.

USD/JPY: Range Bound Trading Persists

The Yen has lost fractional value this morning upon the Asian markets opening. The Yen remains near the 112.00 level. Recent economic data from Japan has been stronger than anticipated, but the Yen remains near its weaker realms. The Yen may remain range bound in the near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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