The U.S Dollar has softened against the Euro. The Pound remains rather skittish but has seen buyers appear even as Prime Minister May’s hold on powers ebbs. Gold saw solid market conditions on Monday and is attracting traders.
GBP/USD: Nervousness Remains, But Speculators Await
The Pound began to hold onto its value Monday afternoon and remains near the 1.31 ratio against the U.S Dollar. Nervousness remains among traders because of Prime Minister May’s rather bleak political outlook. However, the Prime Minister’s relative weakness is not entirely new. And speculators may continue to look for upside value in the near term from the Pound.
Gold: Precious Metal Puts in Solid Day
Gold put in a solid day of trading on Monday as it reversed higher and challenged resistance. The precious metal remains tantalizing for many traders who believe its ability to stay above important support levels late in October near 1265.00 U.S Dollars an ounce, energized Gold and proved buyers remain and will eventually test the 1300.00 U.S Dollars an ounce sooner rather than later.
USD/JPY: Yen Set to Retest Weakness?
The Yen has been battling the U.S Dollar within a fairly tight range the past couple of trading sessions as the Nikkei Index has turned down its buying enthusiasm. However, traders may be tempted to buy the U.S Dollar against the Yen short term and look for a retest of recent weakness from the Japanese currency.
Crude Oil: Tight Range with the Potential of a Breakout
Crude Oil has lingered in place the past few trading sessions. The consolidated and tight values seen in the energy sector underline stability, but also may indicate a breakout is about to occur. Traders positioning themselves based on technical parameters should have risk management in place in case U.S Crude Oil turns volatile.
EUR/USD: Incremental Gains in Euro Last Two Days
The Euro has made incremental gains the past couple of trading sessions. The Euro opened Monday’s trading with slight selling but rebounded as the day progressed. Traders may continue to buy the Euro against the U.S Dollar with the thought the European currency has seen its low water marks and is ready to climb.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
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