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

Gold has added value and Crude Oil has made incremental gains. The Bank of Japan has held its monetary policy in place and the Yen is steady.

GBP/USD: Pound Enjoys Massive Gains

The Pound has achieved another massive move upwards. The British currency has the 1.40 level insight against the U.S Dollar. The Pound appears to be attracting buyers who believe the U.K will implement a reasonably soft Brexit. And traders looking for reversals downwards should continue to practice caution.

Gold: Precious Metal Testing Resistance

Gold has risen in value and is around 1336.00 U.S Dollars an ounce. The precious metal is challenging last week’s highs. The commodity may continue to test resistance levels and has not suffered any violent pullbacks. Gold may attract more buyers in the near term who believe the additional value will be found.

EUR/USD: Euro Keeps Value in Place

The Euro has range traded the past day, but has certainly maintained it better values against the U.S Dollar and is trading near 1.2250. Traders may believe the Euro has further room to climb. However, volatility may increase in the coming days as investors position themselves ahead of the monetary policy statement from the ECB on Thursday.

Crude Oil: Incremental Gains for U.S Crude Oil

Crude Oil made incremental gains on Monday and is tracing below the 64.00 U.S Dollars a barrel. The commodity has held its value within a strong consolidated track and may be able to attract additional buyers based on its mid-term range. U.S Crude Oil has performed remarkably stable the past month.

USD/JPY: Yen Stays Strong as Bank of Japan Holds

The Yen has held its stronger ground against the U.S Dollar and remains near 110.80 as the Bank of Japan has held firm to its monetary policy. The Yen may continue to see the U.S Dollar bought against the Japanese currency and could test support levels near term around 110.00. Traders, however, should be aware the Yen has the ability to range trade.

Yaron Mazor is a senior analyst at SuperTraderTV.

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