Daily Market Forecast, January 31, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

The Euro, Pound, and Yen have been stronger against the U.S Dollar. 

EUR/USD: Euro Reverses Higher and Keeps Pace

The Euro has reversed higher in the past half day and has maintained its better values early this morning. The European currency is near the 1.2425 level and will remain within the sights of investors all day. Market participants should be aware the U.S Federal Reserve will release its monetary policy later today.

Gold: The Trend is Their Friend

Gold has followed the broad markets and turned on a dime – moving upwards. The precious metal is near 1341.00 U.S Dollars an ounce and has shown the ability once again – to fight back from support levels. However, resistance up ahead has proven tough, but speculators may be aiming for additional value near term with the belief the trend is their friend.

GBP/USD: May Fighting for her Political Life

The Pound has climbed off its short-term lows the past twelve hours with gains. The British currency is above the 1.41 level against the U.S Dollar. Prime Minister May is in a fight for her political life as a rebellion within her own Tory part takes place. However, the Pound has gained on U.S Dollar weakness.

Crude Oil: Selling may Allure Traders

Crude Oil is fractionally below the 64.00 U.S Dollar level early this morning as headwinds have continued for the commodity. However, traders may be tempted to start looking for reversals upwards after three consecutive days of losses. U.S Crude Oil has produced a solid mid-term trend and it may have the ability to rally again.

USD/JPY: Yen Battling Support Levels

The Yen has maintained its strong stance against the U.S Dollar as it remains near 108.80. Japanese Industrial data was better than expected this morning, and the Nikkei Index has added some value this morning. The Yen may continue to battle support levels near-term and remain strong.

Yaron Mazor is a senior analyst at SuperTraderTV.

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