Daily Market Analysis 2nd February, 2015

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Daily Market Analysis whyoptionsGood morning,

Welcome back, we have a really full week ahead of us. Besides the NFP (Non-Farm Pay Roll) results, the US sees a further decrease in their stocks in what is their fourth-quarter results report.

On some fresh news today, the GBP/JPY recovered from a low level on Friday at 175.70 and sees the possibility of greeting a bearish turn today with the pair reaching over and above 179 level. The EUR/USD had also seen a change in the bullish area on Friday. Should support levels hold today, then Calling on the currency pair would be the aim of the game for today’s trades.

The weakening Gold price still seems to be trying to squeeze in a comeback, however, further losses in this area should not be ruled out just yet. This safe-haven precious metal is not seeing the light at the end of the tunnel, unfortunately. Putting on this commodity for today is advised. The increase of the dollar (USD) is the reason for today decline according to my analysis.

Brent crude seemed to increase last week and was up by $0.66 per barrel. This was inevitable and a good relief for this commodity. I feel that this commodity will keep getting stronger this week, so I have opened a few small positions on Brent crude this morning just to test my theory. Next week may not be so positive, we will have to wait and see.

About the Silver, another expensive commodity that was on the rise for a while that saw the end of 2014. Sadly, this metal also started to progressively make its way down the bearish lane. This will also prompt me to Put on this commodity today. The last price I could gauge it was at $17.37 and I see it going as low as $16.75 if I am not overextending myself. This commodity is struggling and I don’t see much of a turn for the best, at least for this week.

Trading tip of the week:

Defining your trading strategy before you start trading with your hard earned cash is strongly advisable. Request a demo account from your broker in order to test several strategies. The outcome will be a strategy that you can follow and be confident in using for all your trades.

Happy trading!

 

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Jason B Kruger

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Jason B. Kruger is a Professional Trader & Chief Editor for WhyOptions.com, who is considered ‘The Authority’ on Binary Options Trading Strategies, Reviewing Brokers,Providers and their Products.
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