Three Dynamic Assets to Watch Near Term – Gold, EUR/USD and GBP/USD
Gold, the Euro, and Pound have rebounded well since last Friday. Early gains this week have been impressive and buyers may continue to speculate on more upward movement if investors feel the three assets should be valued higher.
Gold About to Re-Test Highs?
Trading late last Friday and early this week have seen Gold reverse higher, and start to retrace lost ground. The sudden turnaround in the precious metal has coincided with moderate weakness in the U.S Dollar.
Only one month ago, Gold was near important highs, however, resistance pushed the commodity backward. But short-term technical charts have produced a host of buyers, and the precious metal may be ready to make a push to 1300.00 U.S Dollars an ounce and beyond.
Better Sentiment for Euro Emerging
Only last week, the Euro appeared ready to give back plenty of its gains made since late spring. However, in the past three days, the European currency has battled higher and its once again showing some of its strength against the U.S Dollar.
Investors will be quick to embrace a possible reconciliation between Catalonia and Spain if it continues to be discussed over the next couple of days. The Euro may be ready to test important short-term resistance and buying may become speculative if optimism builds.
Another Buying Push for the Pound?
Economic data from the U.K has proven a mixed bag the past week. But the Pound has been able to regain some of its buying statures early this week and may be ready to resume its upward climb against the U.S Dollar.
Mid-September trading saw the Pound reach important year-long highs against the U.S Dollar before its selloff. However, the British currency may have the ability to renew its momentum with another buying push from investors.
In the short term, we believe Gold, the Euro and Pound may be positive. Mid-term and Long-term we are unbiased.
Yaron Mazor is a senior analyst at SuperTraderTV.
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