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Daily Market Forecast, November 23, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The U.S Dollar weakened across the globe on Wednesday, and major currencies like the Euro, Pound, and Yen have gained. Because of the Thanksgiving holiday in the States today trading volumes will become quite thin. Gold has gained and has important resistance in sight.

EUR/USD: Euro Marches to Better Values

The Euro has gained and is above the 1.18 level against the U.S Dollar early this morning. Trading early today may remain fast for the currency, but speculators should be ready for volumes to decrease rapidly via the absence of U.S investors. The Euro may have the ability to increase its value near term.

Gold: Solid Day for Precious Metal

A solid day of gains was achieved for Gold on Wednesday. The precious metal is near 1290.00 U.S Dollars an ounce and important resistance is within sight. Range trading with sudden spikes may dominate today, but traders may continue to contemplate another run upwards before the weekend ensues.

GBP/USD: Pound Resumes Loftier Terrain

The Pound was put under initial pressure in the aftermath of the Autumn Forecast Statement in the U.K yesterday, but the British currency did stabilize and then resumed its march to the loftier terrain. The Pound is above the 1.33 level against the U.S Dollar and traders may think additional highs can be accomplished.

USD/JPY: Yen Strengthens before Japanese Holiday

Japan is on holiday today, but that has not stopped the Yen from strengthening against the U.S Dollar as it trades near 111.30. Tomorrow manufacturing data will be published early from Japan. However, the Yen’s better values will be put to the test in earnest on Friday.

Crude Oil: Important Long-Term Resistance to be tested

The energy sector has seen Crude Oil rise in value this week. U.S Crude is below the 58.00 U.S Dollars a barrel ratio and is near important long-term resistance. The U.S is on holiday today. Crude Oil is likely to become speculative early on Friday and may be able to advance.

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Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire

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