Daily Market Forecast, December 4, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
The U.S Dollar has gained in early trading this morning against most major currencies. Gold has experienced selling pressure and is retesting lows seen on Friday. Technical traders may believe both the Euro and Pound may face selling pressure today.
EUR/USD: Euro Facing Short-Term Pressure
The Euro has seen a slight sell-off early today, the currency remains within sight of 1.19 against the U.S Dollar. However, the Euro may face pressure and have the gains it made the end of last week put into question. Short term support from a technical perspective may be around 1.1840 if stronger Euro selling occurs.
Gold: Retracing Friday’s Support Levels
Gold has sold off this morning, and it has essentially retraced support levels it was testing early Friday. The precious metal is near 1274.00 U.S Dollars an ounce and may continue to experience headwinds today. However, traders need to look out for reversals, which have been a constant in the gold market the past two months.
GBP/USD: Speculative Selling Positions
The Pound continues to claw near important resistance, but there have been signs of some selling pressure this morning. The British currency remains above the 1.34 level against the U.S Dollar, but traders may believe the Pound may not be able to sustain it better values in the short term and speculate with selling positions.
USD/JPY: More Weakness Possible
The Yen continues to trade near weaker boundaries of its short-term value against the U.S Dollar. The 113.00 level remains in sight, and even though the Nikkei has experienced selling early this morning, traders may continue to buy the U.S Dollar against the Japanese currency in the near term.
Crude Oil: Ability to Sustain Values Evidently
Crude Oil is under the 58.00 U.S Dollars a barrel level, but the commodity was able to make an interesting gain before going into the weekend. U.S Crude Oil has sustained its value in the wake of the OPEC meetings last week and remains within a speculative environment. However, traders may look for some downside opportunity at these higher levels.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
