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Daily Market Forecast, December 7, 2017 – EUR/USD, Gold, Crude Oil, USD/JPY, GBP/USD

Yaron Mazor

The Pound has continued to lose value as concerns are rising about a potential failure at the Brexit Summit next week because of growing political problems for Prime Minister Theresa May’s Tory-led government. Gold remains under pressure, and the Euro has struggled also.

GBP/USD: More Troubles for Theresa May

The Pound was taken lower on Wednesday as the U.K Theresa May led government ran into more trouble. The British currency is below the 1.34 level and it is beginning to look like the Brexit summit next week may not produce a positive result. In the short term, the Pound is facing difficulty and may lose further value.

Gold: Precious Metal Capable of Sudden Changes

Selling pressure on Gold did not abate on Wednesday. The precious metal is near 1259.00 U.S Dollars an ounce. Support levels are being tested and the precious metal has shown little ability to reverse upwards this week. However, speculators should be aware Gold has proven capable of sudden changes in direction the past two months, and some traders may be looking for a rise in value.

EUR/USD: Knock-On Effects Possible

The Euro lost ground on Wednesday as selling persisted. The European currency is near the 1.18 mark against the U.S Dollar. It is possible that knock-on effects because of Brexit uncertainty regarding the summit between the E.U and U.K may continue to create headwinds for the Euro in the short term.

Crude Oil: Crude Oil’s Price Falters Again

Crude Oil fell in value on Wednesday and is hovering near 56.00 U.S Dollars a barrel. The consolidated value of the commodity has faltered this week and support it being tested. Traders may continue to look for more declines in Crude Oil in the short term.

USD/JPY: Yen Weakens and its Range is Known

The Yen has weakened this morning as Asian markets have seen equities stabilize after selling off sharply yesterday. The Yen is near 112.45 as of this morning and is within a known range. Traders need to remain patient if they are looking for short-term movements.

Yaron Mazor is a senior analyst at SuperTraderTV.

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This article was originally posted on FX Empire