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
EUR/USD
Bearish
Low
High
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
GBP/USD
Bearish
Low
High
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
USD/JPY
Bullish
Low
High
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
Gold
Mixed
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • This week, some bears showed more hesitation and allowed the price to move to a higher trading zone $1.915 - $2.050. Get your #naturalgas technical analysis from @malkudsi here: https://t.co/od39BWm1SO https://t.co/X9Pnkd28g9
  • Heads Up:🇯🇵 JPY Natl CPI Ex Fresh Food, Energy (YoY) (JAN) due at 23:30 GMT (15min), Actual: N/A Expected: 0.8% Previous: 0.9% https://www.dailyfx.com/economic-calendar#2020-02-20
  • Heads Up:🇯🇵 JPY National Consumer Price Index Ex-Fresh Food (YoY) (JAN) due at 23:30 GMT (15min), Actual: N/A Expected: 0.8% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2020-02-20
  • Heads Up:🇯🇵 JPY National Consumer Price Index (YoY) (JAN) due at 23:30 GMT (15min), Actual: N/A Expected: 0.7% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2020-02-20
  • RBNZ Governor Adrian Orr says: - Central bank in a favorable position with where rates are now - Cautioned that low rates globally are a challenge - Monetary authorities need to be prepared for unexpected risks (BBG) #NZD #RBNZ
  • Majors-based #Yen index update: Another day of broad declines with key 2018 rising support still holding. Clearing the December and January lows would further open the door to medium-term weakness $USDJPY $AUDJPY $GBPJPY $EURJPY https://t.co/SCyMpi7zGv
  • $GBPUSD Daily Pivot Points: S3: 1.2719 S2: 1.2835 S1: 1.2879 R1: 1.2995 R2: 1.3067 R3: 1.3183 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The 10-year / 3-month US Treasury curve has dropped to its lowest inverted level (-0.056%) since October 10
  • An abrupt surge in volatility sent the #Dow Jones and #Nasdaq retreating from record levels. Get your #equities market update from @PeterHanksFX here: https://t.co/yN1SEqgX5G https://t.co/TquTGWQ19f
  • $EURUSD Daily Pivot Points: S3: 1.074 S2: 1.077 S1: 1.0788 R1: 1.0818 R2: 1.083 R3: 1.0859 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
Guest Commentary: Gold & Silver Prices Daily Outlook 10.31.2011

Guest Commentary: Gold & Silver Prices Daily Outlook 10.31.2011

2011-10-31 15:14:00
Lior Cohen, Energy Analyst for Trading NRG,
Share:

Gold & Silver Prices - Daily Outlook October 31

Gold and silver traders enjoyed from sharp gains to gold and silver prices during most of last week. The G20 summit, the FOMC meeting, the ECB rate decision and the U.S. labor report are the main events for the upcoming week that could influence bullion traders. The yen is sharply falling against the USD as Japan intervened in the forex market. Today, Euro Area Annual Inflation will be published, Canada's GDP report, China Manufacturing PMI and BOA Cash Rate Statement.

Gold slipped on Friday by 0.03% to $1,747.2; silver on the other hand slightly inclined by 0.50% to $35.29. The chart below presents the development of gold and silver during October (normalized gold and silver (September 30th 2011=100)).

Guest_Commentary_Gold_Silver_Prices_Daily_Outlook_10.31.2011_body_Gold31.png, Guest Commentary: Gold & Silver Prices Daily Outlook 10.31.2011

The ratio between gold and silver slightly fell on Friday, October 28th to 49.51. During October, silver inclined by a slightly larger rate than gold as the ratio slipped by 8.2%.

Guest_Commentary_Gold_Silver_Prices_Daily_Outlook_10.31.2011_body_Ratio_1.png, Guest Commentary: Gold & Silver Prices Daily Outlook 10.31.2011

Japan Weakens its Currency Again

Japan stepped into the forex exchange rate markets again and caused a sharp depreciation of he YEN against the USD and other currencies in order to protect the county's exporters. This news may also be among the reasons for the sharp appreciation of the USD against other currencies and consequently could also be a partial explanation for the sharp falls in major commodities.

On Today's Agenda:

Euro Area Inflation:the inflation in Euro Area grew to 3.0% in September; if the upcoming report will show a rise in the inflation rate, it may further lower the chances of an ECB interest rate reduction;

China Manufacturing PMI: this index will cover 800 companies in 20 industries in China; this index indicates the changes in China's manufacturing sectors growth rate;

Forex / Gold & Prices – October

The Euro/USD slightly slipped on Friday by 0.30% to reach 1.4147; other currencies also were traded slightly down against the USD. During last week, the sharp gains in the "risk currencies" coincided with the rally of gold and silver. If said currencies will continue to decline today, this shift may also pull down gold and silver.

Gold and Silver Outlook:

Gold and silver ended the week with light changes after they had rallied during the week. The current drop in bullion might be related to the "last day of the month speculation", as traders are closing positions on their gold and silver contracts. The current drop also coincides with the sharp falls in the major currencies against the USD such as YEN, EURO, AUD and CAD. Following the sharp gains during recent days in gold and silver, there might be a correction today as we are existing October.

For further reading:

Weekly Outlook for October 31 – November 4

Gold & Silver Prices | Weekly Recap 24-28 October

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.

DISCLOSURES

News & Analysis at your fingertips.