Comment: Investing in the forex market can be a tricky undertaking. Realizing where exchange rate will go next would seem simple however escapes virtually all traders. The main reason for this is that they generally do not consider all the details that can be found. Merely mastering indicators as well as forex charts simply presents only half the picture. To obtain an edge over the forex market data is king and knowing where to locate it is actually crucial. We look to bring you the most important reports that will help you make smarter trading selections. This article, Daily Market Forecast – Gold Under Pressure as US Dollar Continues Strengthening provides you with the most recent information about exactly where the professionals feel price will go giving you the opportunity to be a little more profitable in your trading
The Euro, Pound, and Yen remain near important technical junctures. Headwinds have continued in the Gold market and sellers remain active.
EUR/USD: Euro Appears Vulnerable Short Term
The Euro remains perched above the 1.21level against the U.S Dollar early today. The European currency showed the ability to sustain its range on Friday, even as the U.S growth numbers beat expectations. However, the Euro remains near important support and looks vulnerable near term.
Gold: Precious Metal’s Headwinds Remain
Gold has lost a bit of additional ground this morning and is near 1321.00 U.S Dollars an ounce. The strong U.S Dollar has caused severe headwinds for the precious metal the past ten days and the commodity may find sellers remain active.
Join our Telegram Channel
GBP/USD: Pound Flirting with Important Lows
The Pound is below 1.38 after stumbling versus the U.S Dollar. Poor growth numbers from the U.K on Friday certainly created negative sentiment for the British currency. The Pound is flirting with lows not experienced since late February before it produced a solid climb, but traders may remain sellers for now.
USD/JPY: Trading Volume for Yen Limited Today
The Yen remains above the 109.00 level against the U.S Dollar. Japan is on a holiday today, so trading volumes for the Japanese currency will be limited. The recent weakness of the Yen is testing important mid-term resistance levels.
U.S Crude Oil: Consolidation Evident in the Commodity
Crude Oil has barely moved the past few trading sessions. The commodity remains slightly below the 68.00 U.S Dollar per barrel juncture, but consolidation is evident. Traders may continue to look for more upside momentum.
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.