Yahoo Finance Daily Market Forecast, November 22, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD
Forex became rangebound on Tuesday as global investors become cautious before their American counterparts disappear for a long holiday weekend. However, sudden surges can be expected the next two days as trading volumes evaporate. Gold remains tranquil, but Crude Oil has gained well the past day.
EUR/USD: Support after German Political Crisis Digested
The Euro essentially sat in place on Tuesday as the major currencies experienced cautious trading. The Euro is near 1.1740 against the U.S Dollar but has found a degree of support the after German political news hurt the currency. Traders may continue to look for upside potential for the Euro.
Gold: Speculators Lurk in Gold Market
Gold has remained a rather tranquil market the past day, but traders should be on the alert as market volumes begin to thin later today, as U.S investors start to disappear for their long holiday weekend. The precious metal is near 1280.00 U.S Dollars. The next few days of trading for Gold could be dangerous as speculators lurk.
Crude Oil: Buying Becomes Accelerated
Crude Oil climbed on Tuesday and is slightly below 58.00 U.S Dollars a barrel. The commodity has seen a steady rise in value the past few sessions, but yesterday’s buying became accelerated. Crude Oil may continue to test resistance today and supply numbers are coming from the States.
USD/JPY: Yen’s Tight Trading Range Could Weaken
The Yen has seen a tight trading range early this week but has traced slightly weaker against the U.S Dollar. As American traders start to disappear later today because of their holiday the Japanese currency may see some turbulence, but traders may continue to believe the Yen could weaken further as it sits near 112.20 near term.
GBP/USD: Pound Locked into Place
The Pound remained locked in place on Tuesday as it mirrored other major currencies in forex. The British currency is near 132.50 against the U.S Dollar and may range trade the next couple of days. The Pound has held onto its value early this week, but speculators may look for some downside.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
