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
Oil - US Crude
Bullish
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
  • RT @BrendanFaganFx: IBEX 35 Analysis: Rally Continues Despite Virus Fears, Focus Shifts to Fed Link: https://www.dailyfx.com/forex/market_alert/2021/07/27/IBEX-35-Analysis-Rally-Continues-Despite-Virus-Fears-Focus-Shifts-to-Fed.html https://t.co/…
  • RT @FxWestwater: Asia AM - Australian Dollar Forecast: $AUDUSD May Rise on Chinese Industrial Profits Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/07/26/Australian-Dollar-Forecast-AUDUSD-May-Rise-on-Chinese-Industrial-Profits.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https:…
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/c36fpKL4nN
  • 🇰🇷 GDP Growth Rate QoQ Adv (Q2) Actual: 0.7% Expected: 0.7% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-07-26
  • 🇰🇷 GDP Growth Rate YoY Adv (Q2) Actual: 5.9% Expected: 6% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-07-26
  • 🇰🇷 GDP Growth Rate QoQ Adv (Q2) Actual: 0.7% Expected: 0.7% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-07-26
  • Heads Up:🇰🇷 GDP Growth Rate QoQ Adv (Q2) due at 23:00 GMT (15min) Expected: 0.7% Previous: 1.7% https://www.dailyfx.com/economic-calendar#2021-07-26
  • Heads Up:🇰🇷 GDP Growth Rate YoY Adv (Q2) due at 23:00 GMT (15min) Expected: 6% Previous: 1.9% https://www.dailyfx.com/economic-calendar#2021-07-26
  • (Weekly Technical) Australian Dollar Outlook Still Biased Lower: AUD/USD, AUD/JPY, AUD/NZD, AUD/CAD #AUD $AUDUSD $AUDJPY $AUDNZD $AUDCAD https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/07/25/Australian-Dollar-Outlook-Still-Biased-Lower-AUDUSD-AUDJPY-AUDNZD-AUDCAD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/FlpHFIrQFp
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/XcuZbWNuie
Guest Commentary: Gold & Silver Daily Outlook 04.25.2012

Guest Commentary: Gold & Silver Daily Outlook 04.25.2012

Lior Cohen, Energy Analyst for Trading NRG,

Gold and silver prices didn't do much yesterday but this may change today. The statement of the recent FOMC meeting will be released. Furthermore, the FOMC projection on the U.S economy will also be published. The release of these reports will be followed with a press conference. These events may have a substantial effect on the bullion market as was the case in the previous FOMC meeting. Let's examine the situation and determine how the FOMC may affect the metals market. Additional items on today's agenda include: U.K GDP for Q1 2012, U.S core durable goods report, ECB President Draghi speaks.

Gold bounced back on Tuesday by 0.69% to $1,643.8; silver also increased by 0.71% to $30.82. Today's publications may affect bullion and consequently SPDR Gold Trust (GLD). During yesterday's trading GLD edged up by 0.14%. But as I will explain herein I suspect this direction may change during today's trading.

The chart below presents the developments of both metals during recent weeks (bullion are normalized to 100 as of March 30th).

Guest_Commentary_Gold_Silver_Daily_Outlook_04.25.2012_body_Gold__25.png, Guest Commentary: Gold & Silver Daily Outlook 04.25.2012

On Today's Agenda

Statement of recent FOMC meeting: I think the FOMC won't decide on another stimulus plan, especially since the U.S's economic progress is still moving up (e.g. the U.S labor market and U.S GDP are still growing); the FOMC statement may affect the strength of USD and more than that it may also affect metals prices;

FOMC Economic Projection: this report is updated every quarter and includes the FOMC's projection on U.S economic growth and inflation. This projection may also affect the USD;

Forex / Bullion Market

The Euro/USD also rallied on Tuesday by 0.31% to 1.3197; furthermore, the "risk currencies" which tend to be correlated with metals including the CAD also appreciated by 0.42%. The recent disappointing U.S consumer confidence report and U.S home sales may have had something to do with the depreciation of the USD during yesterday.

Daily Outlook

The upcoming statement of the recent FOMC meeting and the Fed's economic projection of the U.S may have a substantial effect on the USD and bullion. Since the last FOMC meeting in March, there were several U.S reports that showed some signs of slowdown, most notably the recent non-farm payroll report, in which the labor force grew by only 120k. So the U.S economy might be slowing down. For now I think there isn't enough for the Fed to come up with another stimulus plan. Therefore I speculate bullion will decline during today's trading.

This gold and silver prices outlook was first presents in Trading NRG

For further reading:Gold and Silver Weekly Outlook for April 23-27

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