Daily Market Forecast, October 24, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The U.S Dollar has been weaker against major currencies. Investors are awaiting the European Central Bank’s pronouncements on Thursday and the Bank of England’s decision next week. Gold has edged slightly higher yesterday.

EUR/USD: Investors Play a Waiting Game

The Euro maintained an extremely tight range on Monday, as investors have essentially sat on their hands as they look forward to the European Central Bank’s pronouncements on Thursday. The Euro is near 1.1770 and has ebbed slightly higher early today. Traders may be tempted to look for additional value in the short term.

Gold: Additional Upside via Mid-Term Range

Gold has edged higher yesterday but still trading around 1281.00 U.S Dollars an ounce. The precious metal should be monitored because recent gains have been pushed back quickly. However, speculators may continue to look for additional value to be added if they believe Gold’s mid-term range will provide more upside.

GBP/USD: Pound Gains as Investors Think BoE

The Pound has gained and is above the 1.32 level against the U.S Dollar. Data from the U.K yesterday continued to be rather disappointing, but investors continue to position themselves for the Bank of England’s meetings which will take place next week. Traders may look for further gains today.

Crude Oil: Tight Trading with Limited Gains

Crude Oil saw a tight day of trading on Monday as the commodity’s long-term consolidated range is becoming a factor. Gains have been seen the past week and traders may continue to wager on additional gains in the short term, but risk management is needed. Crude Oil remains near 52.00 U.S Dollars a barrel.

USD/JPY: Yen Reverses off Weak Levels

The Yen has been stronger the past twenty-four hours as it has reversed. However, the Yen continues to trade above the 113.00 level against the U.S Dollar and trade within a weak boundary. The Yen may continue to ebb stronger today as technical traders look for an advantage.

Yaron Mazor is a senior analyst at SuperTraderTV.

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