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Daily Market Forecast – US Dollar Continues to Rise, Gold Prices Down

Yaron Mazor
Updated
The U.S Dollar’s surge was halted on Tuesday as the Yen, Euro and Pound held their ground after three straight sessions of downward pressure in forex.

Gold has shown the ability to bounce off of technical support. And U.S Crude Oil experienced a slight selloff yesterday.

EUR/USD: Stable Range Past Day for Euro

The Euro has managed to trade within a fairly stable range the last twenty-four hours after sustaining a strong downside trend. The Euro is above the 1.22 level against the U.S Dollar, which is within the vicinity of its long-term range. And the European Central Bank’s Press Conference is tomorrow.

Gold: Shows Ability to Push Back from Lows

Gold did manage to push back off lows yesterday and is near 1329.00 U.S Dollars per ounce. The precious metal may find more downside pressure near term, but it has shown the ability to also stay above important support. Resistance for Gold appears to be around 1333.00 Dollars.

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U.S Crude Oil: Short Term Selling Pressure Experienced

Crude Oil dropped in value yesterday, proving that even strong trends can experience selling pressure. The commodity is below 68.00 U.S Dollar per barrel. Supply numbers will be released from the States today. And speculators may remain buyers near term.

USD/JPY: Bank of Japan Policy Release on Friday

The Yen has remained within its weaker range versus the U.S Dollar and is below the 109.00 level. The Japanese currency has broken through plenty of resistance and is testing important technical levels. The Bank of Japan will release its Monetary Policy on Friday.

GBP/USD: Upside Potential for Pound?

The Pound is below the 1.40 level and is hovering near important support. The British currency was able to produce a rather stable day of trading yesterday after three tough slides. Traders with courage may believe the Pound has been oversold and has upside potential near term.

Yaron Mazor is a senior analyst at SuperTraderTV.

SuperTraderTV Academy is a leader in investing and stock trading education. Sign up for a class today to learn proven strategies on how to trade smarter.

This article was originally posted on FX Empire

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