Daily Market Forecast, December 21, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
However, the Pound and Euro have maintained their gains made early in the week, and Gold continues to produce buying momentum.
GBP/USD: Pound Maintains Ground
The Pound has maintained its gains made early this week, even as Bank of England Governor Mark Carney spoke yesterday, and in the wake of a forced resignation within Prime Minister’s Theresa May led government. The Pound is below the 1.34 level against the U.S Dollar and may continue to see speculative buying.
Gold: Short-Term Momentum Producing Gains
Gold performed well on Wednesday and has produced gains early today. The commodity is near 1267.00 U.S Dollars an ounce and appears to have short-term momentum. Traders should stay aware of sudden spikes as trading volumes continue to diminish because of the upcoming holiday season but may continue to believe additional values will be attained.
EUR/USD: Investors Aiming for Resistance
The Euro remained steady on Wednesday and appears ready to hold onto the value it achieved earlier in the week. The 1.19 level continues to be looked at as resistance, but investors may think this is the next destination for the Euro against the U.S Dollar.
USD/JPY: Yen Producing Further Weakness
The Yen has continued to produce relative weakness and is solidly above the 113.00 level after the Bank of Japan kept their monetary policy in place. The Yen is likely to become cautious as global investors disappear because of Christmas and will see a test of its range develop short term.
Crude Oil: Buyers Remain Active in Crude Oil
U.S Crude Oil climbed above 58.00 U.S Dollars a barrel on Wednesday as buyers remain active. The commodity has proven strong the past week after fighting back against headwinds. Trades may be intrigued by the potential of a further climb and a test of resistance around 59.00 U.S Dollars a barrel.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
