Daily Market Forecast, September 4, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

USD/JPY: A Safe Haven Base

The Yen has gotten stronger early this morning as Asian investors have used the Japanese currency as a safe haven base. The Yen is below the 109.00 juncture with the U.S Dollar. Traders may continue to speculate on a stronger Yen based on the geopolitical tensions which are stirring because of the North Korean situation.

Gold: Risk Adverse Buyers Join Party

Gold has continued to break through resistance. The precious metal is trading closer to 1340.00 U.S Dollars an ounce. Having made solid gains before going into the weekend, Gold has also found additional buyers who are seeking risk adverse assets. The precious metal may continue to see additional buying in the near term.

EUR/USD: ECB Meeting this Week

The Euro has gained slightly early this morning. The Euro is below the 1.19 level which continues to act as resistance, but traders should be prepared for further tests of the European currency’s broad range against the U.S Dollar. Also, traders need to remember the European Central Bank is meeting later this week.

Crude Oil:  Incremental Climb Underway

Crude Oil has continued to add value incrementally the past two trading sessions. After being taken to lows in the aftermath of Hurricane Harvey, the commodity has climbed back into a well-practiced consolidated range. Traders may continue to contemplate buying positions of Crude Oil.

GBP/USD: Technically Inclined Trading

The Pound remains near 1.2950 against the U.S Dollar. The Construction PMI will come via the U.K today, but investors are likely to remain technically inclined today as the Pound’s range is tested.

Yaron Mazor is a senior analyst at SuperTraderTV.

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