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Guest Commentary: Gold & Silver Daily Outlook 12.02.2011

Guest Commentary: Gold & Silver Daily Outlook 12.02.2011

2011-12-02 23:13:00
Lior Cohen, Energy Analyst for Trading NRG,
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Gold and silver started off the month of December with light changes as they have moderately declined after they had finished November. Today, the U.S. non-farm payroll will be published (update: U.S. employment grew by 120k) and the Canada Employment Report.

Gold slightly declined on Thursday by 0.60% to $1,739.8; silver also slightly declined by 0.14% to $32.76. The chart shows the changes of gold and silver in the past couple of weeks (normalized gold and silver to November 17th 2011). During the week gold slightly inclined by 1.5% and silver by 1.6%.

Guest_Commentary_Gold_Silver_Daily_Outlook_12.02.2011_body_Gold_2.png, Guest Commentary: Gold & Silver Daily Outlook 12.02.2011

Gold producers also were affected by the recent slowdown in gold's rally as their stocks were traded at their lowest level in nine years. Many still anticipate a rally in commodities including bullion. This outlook was further boosted by Goldman Sachs projection that commodities will rally in 2012.

On Today's Agenda

U.S. Non-farm Employment Report for November: in the previous report for October, the number of non-farm payroll employment inclined by 80k; the U.S unemployment rate slightly slipped to 9.0%. This report could affect not gold and silver (see my last review on the U.S labor report): During the past year there was a negative relation between the U.S. non-farm report and precious metals prices so that as the U.S. employment grew, gold and silver prices tended to decline during that day.

Guest_Commentary_Gold_Silver_Daily_Outlook_12.02.2011_body_U.png, Guest Commentary: Gold & Silver Daily Outlook 12.02.2011

Gold and Silver Outlook:

Gold and silver started December with moderate changes, but they may start to rise as major commodities players will raise the ante and extend their portfolio. On the other hand today's U.S. employment report might be positive and if so it might bring down gold and silver as was the case in the previous couple of months.

For further reading:

Weekly Outlook for 28 November – 2 December

Gold and Silver Prices Weekly Outlook for Nov 25- Dec 2

About the Author: Lior Cohen, M.A in Economics, 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.

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