Daily Market Forecast – US Dollar Stable, Gold Near Important Support Level

Gold has fallen to important support levels and it may tempt traders who believe a reversal higher is a potential.

EUR/USD: European Central Bank Pronouncements Today

The Euro is below the 1.22 level versus the U.S Dollar. The European Central Bank will conduct their Press Conference today. The central bank is not expected to make any major announcements, but recent evidence suggests the ECB has been buying fewer bonds. The Euro is near important support and traders with courage may look for a reversal higher.

Gold: Near Key Support Level this Morning

Gold is near 1324.00 U.S Dollars per ounce. The precious metal is near key support, after coming under sustained pressure the past week. Risk management will be crucial for investors who believe the commodity has upside potential.

GBP/USD: Patience and Deep Pockets Ingredients for Traders

The Pound is trading above the 1.39 juncture against the U.S Dollar. The British currency lost additional value on Wednesday and is propped up against crucial mid-term lows. The recent weakness of the Pound may tempt speculators into buying positions. Patience and deep pockets should be ingredients for traders who decide to go long.

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USD/JPY: Tomorrow’s Korean Summit a Factor

The Yen has weakened again the past twelve hours and is above the 109.00 level versus the U.S Dollar. The Nikkei Index has gained early this morning. Tomorrow’s Korean summit will factor into the decisions of Asian investors also.

U.S Crude Oil: Sudden Headwinds for the Commodity

U.S Crude Oil has remained within the 68.00 U.S Dollars a barrel juncture. The commodity has range traded the past couple of days as its bull trend has run into some headwinds. The question investors will be asking is what is the downside risk if they decide to continue to hold onto their buying positions? Crude Oil may have some additional ground to gain near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

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