Daily Market Forecast, December 12, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Pound has remained swift and full of volatile reversals in the short term. Gold has been under pressure and continues to test important short-term support. U.S Crude Oil has been able to gain. The Euro has languished and is attracting attention.

GBP/USD: A Swift Change of Directions

The Pound has delivered another swift change of direction over the past day. After initially gaining in early trading on Monday, the British currency reversed lower and has maintained its weaker path against the U.S Dollar. The Pound is near 1.3340 early this morning and short-term speculative traders will need to be alert for more reversals.

Gold: Downside Pressures Remain

Gold has remained under pressure and is near 1244.00 U.S Dollars an ounce. The precious metal will get plenty of attention as it battles important support levels. Traders may continue to look for downside opportunities in the short term, but should be aware central bank monetary policy statements are on the horizon from the Federal Reserve, Bank of England and European Central Bank.

Crude Oil: U.S Crude Oil Gains Again

Crude Oil has gained and is above 58.00 U.S Dollars a barrel. The commodity has done well the past few trading sessions and shown an ability to find buyers after testing short-term lows last week. However, U.S Crude Oil remains highly speculative and resistance has proven strong near 59.00 U.S Dollars a barrel.

USD/JPY: Range Bound and Tranquil

Range trading has been abundant for the Yen the past day. The Japanese currency has stayed close to the 113.50 juncture. However, because of the central bank announcements coming the in the next couple of days, the Yen is likely to see some volatility.

EUR/USD: Euro Languishing as Traders Look for Upside

The Euro continues to languish beneath 1.18 against the U.S Dollar this morning. Traders who are patient and using solid risk management, however, may be looking for upside momentum to develop for the Euro over the next few days. The European currency continues to look like it has been oversold.

Yaron Mazor is a senior analyst at SuperTraderTV.

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