We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • LIVE IN 30 MIN: Currency Strategist @PaulRobinsonFX keeps you updated with the latest movements and trends during the London session for the FX and CFDs Market here - https://www.dailyfx.com/webinars/243785867?CHID=9&QPID=917720&utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Riksbank's Jansson says the inflation situation is fragile $SEK
  • Liyba's NOC states that oil production was at 122,430bpd as of February 23rd #OOTT
  • Join @PaulRobinsonFX 's #webinar at 5:30 AM ET/10:30 AM GMT for insight on London #FX and #CFD trading. Register here: https://t.co/AoM3UvLtcF https://t.co/SfyxfpLlC6
  • Have you joined @DailyFX @facebook group yet? Discuss your #forex strategies and brush up on your skills with us here: https://t.co/jtY1G7g8yx https://t.co/T63Op8nFm6
  • Today's FX option expiries - $EURUSD 1.0825-35 (1.1bln), 1.0850-60 (900mln), 1.0875-80 (1bln) - $AUDUSD 0.6675 (1.4bln) - $EURJPY 119.90 (873mln)
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.65%, while traders in USD/CAD are at opposite extremes with 69.06%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HhJsadutsV
  • Commodities Update: As of 08:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.12% Gold: -0.73% Silver: -1.26% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/lUE1dizUX7
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/8qO72jQ09n Topics included: - #Coronavirus fears' impact on AUD price action - Aussie Dollar technical analysis - #RBA, #Fed monetary policy outlook
  • The AB=CD pattern is simple once you know how to spot it and draw the proper Fibonacci retracements. Make your trading strategy as simple as ABCD here: https://t.co/AKmlmaAZBS https://t.co/SQidi62RGj
Guest Commentary: Gold & Silver Prices - Daily Outlook 09.02.2011

Guest Commentary: Gold & Silver Prices - Daily Outlook 09.02.2011

2011-09-02 14:32:00
Lior Cohen, Energy Analyst for Trading NRG,

Gold & Silver Prices - Daily Outlook September 2

Gold and silver started September with light falls, but they have already changed direction and started the day rising. Yesterday the EURO/USD decreased again as the US PMI manufacturing index showed a growth but at a slower pace. Today, the US unemployment rate & non-farm employment report was published and didn't show an increase in employment.

Let's examine the precious metals market for today, September 2nd:

Gold and silver finished yesterday with moderate falls: Gold fell on Thursday by 0.1% to $1,831; silver also inclined by 0.73% to $41.77. During August-September, gold increased by 12.3%, and silver by 4.1%. The chart below (normalized gold and silver (August 15th 2011=100)) shows the price development of precious metals in the past couple of weeks.

Guest_Commentary_Gold_Silver_Prices_Daily_Outlook_09.02.2011_body_Gold_prices_forecast__silver_price_outlook_2011_September_2.png, Guest Commentary: Gold & Silver Prices - Daily Outlook 09.02.2011

US PMI Manufacturing Slightly Fell in August But Still Growing

According to the recent U.S. Manufacturing ISM report, the U.S. Manufacturing PMI reached 50.6% during August - a 0.3 percent points decline. This means that while the US manufacturing sector is still growing, it grows at a slower pace in August compared to July. This report is supposed to have a negative effect on gold via the US dollar. It could have contributed to the drop in gold yesterday.

On Today's Agenda - U.S. Non-Farm Employment Report

In the last report (July) the number of non-farm payroll employment rose by 117 thousand people, which is nearly the rate needed to maintain the unemployment rate unchanged; update: US employment didn't change in August. This figure is likely to further help push gold and silver prices up via theUS dollar.

USD/ Gold & Silver– August Update

The EURO/USD exchange rate declined again for the third straight business day, yesterday by 0.77%; this ongoing appreciation of US dollar against the Euro is likely to be one of the factors for the drop in gold and silver yesterday. On the other hand, the USD depreciated against other major currencies including AUD and CAD.

Gold and Silver Analysis:

Gold and silver started September with light falls probably, in part, due to the ongoing appreciation of the US dollar against the Euro; the stock markets indexes traded down and US long term Treasury yields also fell yesterday; these factors are likely to contribute the rally of gold and silver throughout the day. The US Labor report that was published today didn't show an improvement in the labor status even though the unemployment rate remained at 9.1%. This news is likely to further push up gold and silver as it shows the US economy isn't entirely out of its slowdown and thus rekindles the debate over the chances the Fed will implement another stimulus plan. Therefore, I still think gold and silver will continue to rise at a slow pace.

For further reading:

Weekly Outlook for August 29- 2 September

Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.

By: Lior Cohen, Energy Analyst for Trading NRG

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.