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.

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
EUR/USD
Bullish
Oil - US Crude
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
Wall Street
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
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bearish
More View more
Real Time News
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/QqlZ2dQgVv
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/lvIUu5FHoq
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/bpKdIqGxsn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/jmcAIW4w5k
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/M9isuvnzqF
  • The British Pound is giving back some of its multi-month gains with some pairs testing notable support despite a positive fundamental backdrop. Get your market update from @nickcawley1 here: https://t.co/6Ct5R0H41F https://t.co/c4rXmMjMrv
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/4dhCP5pnxM
  • Gold is facing the neckline of a Double Bottom Pattern after bouncing off a confirmed longer-term trendline. Is a bullish reversal in order? Get your market update from @FxWestwater here: https://t.co/kLXZewWBMd https://t.co/w1Nu0z569m
  • 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/Gn41XsGktg
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here: https://t.co/SRsG8CxjEn https://t.co/2AR1qgx0tz
Guest Commentary: Gold & Silver Daily Outlook 02.16.2012

Guest Commentary: Gold & Silver Daily Outlook 02.16.2012

Lior Cohen, Energy Analyst for Trading NRG,

Gold and silver continue to shift from gains to losses on daily basis. Yesterday precious metals ended slightly above Tuesday's price levels. Today, there are many reports to be published including: U.S. Housing Starts, U.S. jobless claims, U.S. PPI and Philly Fed Manufacturing Index.

See here for the rest of the gold and silver daily forecast.

Gold slightly rose yesterday by 0.61% to $1,728.1; silver also slightly increased by 0.18% to $33.41. During February, gold declined by 0.7% while silver rose by 0.44%.

The chart below shows the changes of gold and silver during February (prices are normalized to January 31st).

Guest_Commentary_Gold_Silver_Daily_Outlook_02.16.2012_body_Gold__16.png, Guest Commentary: Gold & Silver Daily Outlook 02.16.2012

The Euro/USD slightly declined again yesterday by 0.52% to 1.3066. The AUD on the other hand slightly appreciated. During recent months there were strong linear correlations among the EURO and AUD and metals. If the Euro and AUD will trade down, it could indicate that metals will also decrease.

Despite the slight shifts in the ratio between gold and silver, their linear correlation is still robust and positive.

Guest_Commentary_Gold_Silver_Daily_Outlook_02.16.2012_body_Correlation__16.png, Guest Commentary: Gold & Silver Daily Outlook 02.16.2012

On Today's Agenda

Philly Fed Manufacturing Index: This monthly survey gives an estimate for the progress of the US economy as it measures the manufacturing conditions. In the last January survey, the report showed the growth rate moderately rose to +7.3 in January 2012. This index might affect gold assuming there will be a sharp shift in the survey's outcome (see here last report);

U.S. Housing Starts: the U.S Census Bureau will publish today the recent developments in U.S housing starts; this figure was historically correlated with gold price – as housing starts rise, gold tended to fall the following day; in the recent report, the adjusted annual rate declined by 4.1% (for the recent review); if the housing starts will decline again, it might indicate that gold will rise.

Outlook

The upcoming reports regarding the U.S. might offer some perspective on the progress of the U.S. economy. If these reports will show some progress it might trade down gold and silver.

For further reading:

What Are the Potential Outcomes for Silver Price in 2012?

By: Lior Cohen, M.A. in Economics, Commodities Analyst and Blogger at 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