News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Mixed
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
More View more
Real Time News
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (AUG) due at 01:30 GMT (15min) Previous: 57.3% https://www.dailyfx.com/economic-calendar#2021-09-27
  • RT @FxWestwater: Australian Dollar Forecast: $AUDUSD Action May Swing on Chinese Industrial Profits Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/09/26/Australian-Dollar-Forecast-AUDUSD-Action-May-Swing-on-Chinese-Industrial-Profits.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://…
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here: https://t.co/8G8mUX4so6 https://t.co/YTdM3KVtUk
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here: https://t.co/nAa0fHHGbZ https://t.co/Bnih4YvTdg
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZ5LG7
  • (Weekly Fundy) Crude Oil May Rise as Covid Case Growth Slows. WTI Eyes OPEC Outlook, Evergrande #CrudeOil #WTI #OPEC #Evergrande https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/09/26/Crude-Oil-May-Rise-as-Covid-Case-Growth-Slows-WTI-Eyes-OPEC-Outlook-Evergrande.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/76e2aGf3p0
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here: https://t.co/e4Cnoc1dk0 https://t.co/NhsMS1EY4b
  • We are heading into the final trading days for the month of September and event risk thins out amid the $SPX's rebound. This is what history says for the 39th week of the year and here is my take on the variable factors: https://www.dailyfx.com/forex/video/daily_news_report/2021/09/25/SP-500-and-Dollar-Have-Different-Views-for-Last-Week-of-September.html https://t.co/4OBVmrvI7I
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today: https://www.dailyfx.com/free-trading-guides?ref-author=social#forecastschoices=AUD?QPID=30472&CHID=9 https://t.co/LHJi7CNFmM
  • $EURUSD https://t.co/KZyXX6p2oI
Guest Commentary: Gold & Silver Daily Outlook 01.06.2012

Guest Commentary: Gold & Silver Daily Outlook 01.06.2012

Lior Cohen, Energy Analyst for Trading NRG,

Gold and silver continued their upward trend and moderately inclined yesterday despite the drop in commodities. The Euro sharply depreciated against the USD. Today, the American non-farm employment report will be out and some expect it will show a sharp gain in employment; the Canadian employment report will also be released today.

Gold inclined on Thursday by 0.46% to $1,620.1; silver also rose by 0.68% to reach $29.30. In the chart below are the normalized gold and silver during recent weeks (normalized gold and silver to December 23rd 2011). During January gold increased by 3.4% and silver price by 4.9%.

Guest_Commentary_Gold_Silver_Daily_Outlook_01.06.2012_body_Gold__6.png, Guest Commentary: Gold & Silver Daily Outlook 01.06.2012

U.S. Non- Manufacturing Index Slightly Rose to 52.6%

The U.S. non-manufacturing PMI, an index that estimates the economic activity in the U.S. non-manufacturing sector, grew to 52.6% in December i.e. a 0.6 percent points gain. This may have been among the factors to help pull down the risk currencies against the U.S. dollar.

U.S. Initial Claims Fell Last Week

According to the recent U.S. jobless claims weekly report there was a decrease in initial claims of 15,000 for the week ending on December 31st to reach 372,000 claims (seasonally adjusted data); the number of insured unemployment reached 3.595 million, a decrease of 22,000 compared with the previous week’s figure. This news may have affected yesterday's trading and may have helped with the appreciation of the USD.

On Today's Agenda

U.S. Non-farm Employment Report: in the December report regarding November, the labor market continues to rally as the number of non-farm payroll employment rose by 120k; the U.S unemployment rate slipped to 8.6%; the last report showed improvement from the previous months, and may have traded down gold and silver during the first days of December (see chart below for further details; for the complete analysis see in the January 2012 gold and silver monthly report). This report could affect not only the USD, but also gold and silver (see my last review on the U.S labor report).

Guest_Commentary_Gold_Silver_Daily_Outlook_01.06.2012_body_U.png, Guest Commentary: Gold & Silver Daily Outlook 01.06.2012

Canada Employment Report: In the last employment report for November 2011, unemployment rose by 0.1 percent points to 7.4%; the employment declined by 19k (see here previous report);

Forex / Gold & Silver– January

The Euro/USD sharp decreased again for the second consecutive day, yesterday by 1.21% to reach 1.2788; other forex exchange rates such as the Australian dollar also sharply depreciated against the USD. If major currencies will continue to depreciate against the USD, it may also affect gold and silver to change direction and decline.

Gold and Silver Outlook

Gold and silver continued to trade up yesterday, but might change direction and decline today if the U.S. employment report will show a substantial increase in the U.S. employment; furthermore, I speculate that if the "risk currencies" including the AUD and Euro will continue to depreciate against the USD, it will eventually catch up with gold and silver and pull them down. On the other hand, if the U.S. stock markets will continue to trade up, it may help keep gold and silver up.

For further reading:

Gold and Silver Prices Outlook for January 2012

Where are Gold and Silver Headed in 2012?

Get the recent gold and silver outlook report for free! Just sign up to Trading NRG's newsletter.

By: Lior Cohen, Energy Analyst for Trading NRG

Would you like to see more third-party contributors on DailyFX? For questions and comments, please send them to research@dailyfx.com

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

DISCLOSURES