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Guest Commentary: Gold & Silver Daily Outlook 03.28.2012

Guest Commentary: Gold & Silver Daily Outlook 03.28.2012

2012-03-28 15:55:00
Lior Cohen, Energy Analyst for Trading NRG,
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Gold and silver didn't do much yesterday after their recent rally in the previous two business days. Today there are several items on the agenda including: Euro Area Monetary Development, U.S Core Durable Goods, Great Britain Current Account and Great Britain Updated GDP 4Q 2011.

Gold price edged down on Tuesday by 0.03% to $1,687; silver also traded down by 0.41% to $32.62. The Euro/USD slipped on Tuesday by 0.32% to 1.3316. If the Euro/USD will continue its fall today then they may also adversely affect metals.

The chart below shows the developments of gold and silver during the past couple of weeks (prices are normalized to March 13th). The chart shows the fall and rise of metals.

Guest_Commentary_Gold_Silver_Daily_Outlook_03.28.2012_body_Gold_p28.png, Guest Commentary: Gold & Silver Daily Outlook 03.28.2012

On Today's Agenda

EU M1, M3: In the previous report, the annual growth rate for M3 sharply rose to 2.5%; M1 increased to 2.0%; loans to private sector rose to 1.1%. If the M1 and M3 will continue to rise in March report it could serve as another indicator for the rising inflation pressures in the Euro Area, and it may affect next month's ECB's interest rate decision;

U.S Core Durable Goods: This monthly report will examine the changes in U.S. orders of durable goods in the manufacturing sector during February 2012. This report may indirectly present the changes in U.S. demand for commodities. According to a estimate for January, manufactured durable goods sharply decreased; if this report will continue to be negative then it could weaken the USD and thus positively affect gold and silver;

Daily Outlook

Gold and silver didn't do much yesterday following the sharp gains in the past couple of business days. But there weren't many news items on yesterday's agenda so that there weren't big moves for bullion prices. Today, the U.S core durable goods monthly report may affect the U.S dollar and consequently metals. If this report will continue to show a decline in durable goods purchases, it may signal a slowdown in U.S economy. Furthermore, the EU M1, M3 report may affect the path of the Euro/USD and consequently gold and silver.

This gold and silver forecast was first presents in Trading NRG

For further reading:

Gold and Silver Prices Outlook for April 2012

Gold and Silver Prices Weekly Outlook for March 26-30

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

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