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
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • 🇮🇳 Inflation Rate YoY (JUN) Actual: 6.09% Expected: 5.3% Previous: 5.91% https://www.dailyfx.com/economic-calendar#2020-07-13
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/0MG5XPiDF6
  • Heads Up:🇮🇳 Inflation Rate YoY (JUN) due at 12:00 GMT (15min) Expected: 5.3% Previous: 5.91% https://www.dailyfx.com/economic-calendar#2020-07-13
  • RT @DanielGMoss: #Silver surging to fresh yearly highs as the RSI bursts into overbought territory Significant change in sentiment as pri…
  • Join @MBForex at 8:30 AM ET/12:30 PM GMT for his weekly strategy #webinar Register here: https://t.co/VAnAfZU02T https://t.co/fu8UmwtSkz
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-07-13
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.95%, while traders in US 500 are at opposite extremes with 73.16%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/PQBbkVhsYC
  • Tune in to @CVecchioFX 's #webinar at 7:30 AM ET/11:30 AM GMT for insight on major event risk in the week ahead. Register here: https://t.co/X8TIhpKxtF https://t.co/cY4d8HuulB
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 1.76% Gold: 0.55% Oil - US Crude: -1.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3jrww8p1wR
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.34% 🇪🇺EUR: 0.24% 🇨🇦CAD: 0.18% 🇨🇭CHF: -0.04% 🇬🇧GBP: -0.09% 🇯🇵JPY: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/MrwBNuRDKM
Guest Commentary: Gold & Silver Daily Outlook 02.24.2012

Guest Commentary: Gold & Silver Daily Outlook 02.24.2012

2012-02-24 16:30:00
Lior Cohen, Energy Analyst for Trading NRG,
Share:

Gold and silver sharply increased yesterday and thus are about to complete one of their best performing weeks in February. On the other hand they have started today's trading with slight falls. Today, the U.S. new home sales report will be published and the revised Great Britain GDP for the fourth quarter of 2011.

See here for the complete breakdown on gold and silver daily outlook.

Gold increased on Thursday by 0.85% to $1,786.3; silver also sharply increased by 3.81% to $35.64.

The chart below presents the developments of gold and silver during the month (prices are normalized to January 31st).

Guest_Commentary_Gold_Silver_Daily_Outlook_02.24.2012_body_Gold__24.png, Guest Commentary: Gold & Silver Daily Outlook 02.24.2012

St. Deviation

During recent months there has been a decline in the volatility of gold and silver as their standard deviations have decreased; as of February they have reached their lowest level in recent months.

Guest_Commentary_Gold_Silver_Daily_Outlook_02.24.2012_body_Standard_deviation__24.png, Guest Commentary: Gold & Silver Daily Outlook 02.24.2012

On Today's Agenda

U.S. New Home Sales:in the last report (for December 2011), the sales of new homes rose by 2.2% and reached an annual rate of 307,000; if the number of home sales will rise again in the upcoming report, it may further indicate a rally in the U.S real estate market which may also adversely affect gold and silver via the USD.

Forex / Gold & Silver– February

The Euro/USD sharply rose on Thursday by 0.94% to 1.3373; furthermore, the AUD also appreciated against the U.S. dollar by 0.74%. The correlations among AUD, Euro and metals are still strong (the linear correlation between the Euro/USD and gold price is 0.36). Therefore, if the Euro and AUD will continue to rise; it could indicate that metals will continue their rally.

Daily Outlook

Gold and silver resumed their upward trend of recent days and sharply increased along with other commodities and major currencies. The upcoming U.S. new home sales report and GB revised GDP might affect forex markets, which in turn, may affect the direction of bullion.

For further reading:

What Are the Potential Outcomes for Gold 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

News & Analysis at your fingertips.