Daily Market Forecast, October 31, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The U.S Dollar has weakened against many major currencies in forex. The Pound produced a solid trading session on Monday and Gold has seen risk events help bolster its value. The Bank of Japan kept its interest rate policy in place this morning.

GBP/USD: Pound Sustains Drive Higher  

The Pound gained on Monday and it is near the 1.32 level against the U.S Dollar. The combination of the coming Bank of England’s interest rate decision this Thursday and a sliver of weakness in the U.S Dollar has sustained the Pound’s reversal. Traders may continue to look for upside from the British currency.

Gold: Risk Events Bolster Precious Metal

Gold has gained in the past twenty-four hours as risk events have helped bolster speculative buying. Global equity markets sudden caution on Monday and a slightly weaker U.S Dollar have helped. The precious metal is near 1275.00 U.S Dollars an ounce and may find more buyers in the near term.

USD/JPY: Bank of Japan Holds Serve

Asian equity markets have remained cautious this morning and the Yen has gathered strength against the U.S Dollar and is near the 113.00 mark. The Bank of Japan kept their interest rate policy intact as expected today. The Yen looks like a good prospect for range trading and may have the ability to gain more value in the short term.

Crude Oil: U.S. Crude Oil Holds Onto Gains

U.S Crude Oil has held onto its gains made last week. The commodity remains near 54.00 U.S Dollars a barrel as traders have not shown an inclination to sell. Crude Oil’s long-term consolidated range is being tested as the commodity traverses within its higher values and it should be monitored.

EUR/USD: Tight Trading Range Remains

The Euro has remained locked in a tight range as investors have shown an extreme amount of caution. The Euro is near the 1.16 juncture but has found support. The very tight trading range in the Euro is likely to crumble at some point and speculators may look for a reversal upwards, but risk management is needed.

Yaron Mazor is a senior analyst at SuperTraderTV.

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