Daily Market Forecast – Gold Rises on Trade War Fears

Forex markets continue to see very thin market action. Asian investors are in their offices, but Europe mostly remains on holiday today. However, U.S markets will be open for business. The U.S Dollar has remained relatively strong early.

EUR/USD: Consolidated Range Expected for Euro

The Euro has essentially stood in place the past couple of days. Many European investors will remain on holiday today, meaning trading volumes will be low. However, Asian and American markets are open. The Euro is near 1.2320 versus the U.S Dollar and traders will likely see fairly consolidated ranges.

Gold: Thin Markets and Sudden Gyrations

Buyers have made themselves known early this morning in Asia, as Gold has added some value and is near 1330.00 U.S Dollars an ounce. But thin market action may make the precious metal vulnerable to sudden gyrations as investors try to find an equilibrium as they gauge broad market sentiment.

USD/JPY: Signs of Risk Appetite in Asian Markets

The Yen has seen a tight range as Asian traders await the return of full market action globally. The Japanese currency is around 106.35 against the U.S Dollar which is still within the weaker realms of its mid-term range. The Nikkei Index has put in gains this morning, meaning risk appetite has shown signs of life.

GBP/USD: Pound Slightly Lower on Light Trading

The Pound has edged slightly lower the past couple of days, but trading has been very light. The British currency is near 1.4045 versus the U.S Dollar. The U.K is closed for the holiday today, but tomorrow important manufacturing data will come from Britain.

Crude Oil: Return of U.S Traders will Impact Energy

Crude Oil is around 65.00 U.S Dollars and should be watched for potential volatility as traders in the States return to the markets. The commodity has been under a bit of pressure, after mounting a climb towards important resistance early last week. U.S Crude Oil should be treated gingerly today.

Yaron Mazor is a senior analyst at SuperTraderTV.

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