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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
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
Gold
Bearish
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
Mixed
USD/JPY
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
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/EIC9YqfTec
  • Anybody else think that casting directors in movies are some of the most underrated people when it comes to giving a film/series credit?
  • No https://t.co/EoBltaP17k
  • Crude #oilprices may face heightened liquidation pressure as the cycle-sensitive #commodity finds itself under the pressure of resilient resistance and a vulnerable, multi-week rising channel. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/cGPX4qcOH1 https://t.co/0U4JMJVFuf
  • The @ecb will likely boost its Pandemic Emergency Purchase Program at Thursday’s meeting of its Governing Council; a move that could give the #Euro a lift. Get your currencies market update from @MartinSEssex here: https://t.co/I4PbmJNG1z https://t.co/hu6Ld1KdDB
  • $GBPUSD doesn’t have the cleanest set of technical indications, but #USD may give indications if it can break its trading range via the $DXY. Get your currencies market update from @PaulRobinsonFX here: https://t.co/PrC9wAaXvU https://t.co/vHYHflwqR3
  • The ongoing contraction in US production may keep #oilprices afloat in June as crude output falls to its lowest level since October 2018. Get your crude #oil market update from @DavidJSong https://t.co/jj1bMLX0DF https://t.co/O9NOqbfHkb
  • watching the #SpaceX launch🍿
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
  • The medium-term #gold outlook still seems favorable as the #Fed, #ECB and more keep rates around 0. Immediate event risk ahead includes the #RBA and #BoC interest rate decisions, US jobs data and Brexit. Get your gold market update from @ddubrovskyFX here: https://t.co/ABXy78LmUn https://t.co/rCALcGaKOL
Guest Commentary: Gold & Silver Daily Outlook 05.09.2012

Guest Commentary: Gold & Silver Daily Outlook 05.09.2012

2012-05-09 15:38:00
Lior Cohen, Energy Analyst for Trading NRG,
Share:

Gold and silver tumbled down during yesterday's trading. This fall didn't come after a fundamental change but rather on account of the recent developments in Europe, in particular the aftermath of the recent elections in France and Greece. This news adversely affected not only precious metals prices but also other commodities prices such as oil prices and U.S and Europe stock markets. The rise of extreme parties in Greece and the difficulty of its leaders in forming the coalition, raise the concerns of Greece keeping up with its austerity plan. Despite these events the Euro is only slowing falling against the USD and didn't tumble down as bullion did during the week so far.

On today's agenda: Australian employment report, Japan's current account and the U.S will issue a 10- year bond auction.

Gold tumbled down on Tuesday by 2.11% to $1,604.5; silver also decreased by 2.2% to $29.46. During the month gold decreased by 3.59% and silver by 5.02%.

The ratio between gold and silver slightly rose to 54.47. During the month the ratio increased by 1.51% as gold has moderately outperformed silver during May.

Guest_Commentary_Gold_Silver_Daily_Outlook_05.09.2012_body_Ratio__May_9.png, Guest Commentary: Gold & Silver Daily Outlook 05.09.2012

As indicated in the chart below the linear correlation between gold and silver was near the 0.9 mark, i.e. strong and positive relation; this means despite the different daily percent changes of gold and silver in recent days, their relation remains strong and robust.

Guest_Commentary_Gold_Silver_Daily_Outlook_05.09.2012_body_Correlation__May_9.png, Guest Commentary: Gold & Silver Daily Outlook 05.09.2012

On Today's Agenda

Japan Current Account: this report will show the shifts in the difference between exports and imports for Japan during last month; this news may affect the strength of the Japanese Yen;

10 Year Bond Auction: the U.S government will issue a bond auction;

Forex / Bullion – May Update

The Euro/USD declined again on Tuesday by 0.34% to 1.3006; furthermore, the CAD and AUD also depreciated on Tuesday; if the USD will continue to appreciate against these exchange rates; this may continue to adversely affecting bullion.

Daily Outlook

Metals tumbled down yesterday and at least for gold yesterday's decline by over 2% was the sharpest single day fall since April 4th when the FOMC minutes of the previous meeting was published. This time the tumble may have been stem from the recent developments in Europe as stated above. In many cases in the past after a sharp fall, there used to be a correction. I speculate the general downward trend is likely to continue.

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

For further reading:Gold and Silver Weekly Outlook for May 7-11

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.