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
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bullish
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
  • Heads Up:🇨🇦 Ivey PMI s.a due at 14:00 GMT (15min) Previous: 22.8 https://www.dailyfx.com/economic-calendar#2020-06-05
  • Gold Sinks, USD/JPY Surges as NFP Report Smashes Expectations - via @DailyFX https://t.co/csSLlNVzVJ
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: France 40: 3.25% Wall Street: 2.70% Germany 30: 2.65% US 500: 1.90% FTSE 100: 1.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GyZ4oc1mGG
  • me and other market bears after that NFP print.... https://t.co/NFQOzKWtNG
  • 🇷🇺 Foreign Exchange Reserves Actual: $566.1B Previous: $566B https://www.dailyfx.com/economic-calendar#2020-06-05
  • US #NFP report for May 2020 crushed the median estimate on Wall Street looking for -7.5 million jobs lost, but the actual figure crossed the wires at 2.5 million jobs added. Get your market update here: https://t.co/8i0L6YIqjy https://t.co/K2laOv7Unk
  • #Cable is trading around 1.2650 in early turnover and is back at highs last seen in mid-March as the pair continue to make a short-term series of higher lows and higher highs.Get your $GBPUSD market update from @nickcawley1 here: https://t.co/XCrsgxaXux https://t.co/5z8GFfyN8X
  • Heads Up:🇷🇺 Foreign Exchange Reserves due at 13:00 GMT (15min) Previous: $566B https://www.dailyfx.com/economic-calendar#2020-06-05
  • Heads Up:🇷🇺 Inflation Rate YoY due at 13:00 GMT (15min) Expected: 3% Previous: 3.1% https://www.dailyfx.com/economic-calendar#2020-06-05
  • Wall Street economists right now https://t.co/aQEPGOuhAe
Guest Commentary: Gold & Silver Daily Outlook 05.10.2012

Guest Commentary: Gold & Silver Daily Outlook 05.10.2012

2012-05-10 15:06:00
Lior Cohen, Energy Analyst for Trading NRG,
Share:

Gold and silver continued their descent during yesterday. As a result of yesterday's fall gold price reached its lowest level since December 2011l. The price of silver is the lowest since January 9th 2012. There still growing concerns that the recent results in the French and Greek elections will adversely affect the austerity plans that were agreed upon in the past to pull out the EU from its debt crisis. The Euro declined in the past eight consecutive days and dragged along with it other exchange rates. There are many events and reports on today's agenda including: Bernanke's speech, U.S jobless claims, Great Britain Bank Rate & Asset Purchase Plan and the trade balance reports of China, U.S and Canada.

Gold declined again on Wednesday by 0.64% to $1,594.2; silver also decreased by 0.74% to $29.24; in the chart below are the normalized prices of bullion during the past few weeks (gold and silver are normalized to 100 as of April 30th).

Guest_Commentary_Gold_Silver_Daily_Outlook_05.10.2012_body_Gold__10.png, Guest Commentary: Gold & Silver Daily Outlook 05.10.2012

On Today's Agenda

U.S. Jobless Claims Report: in the previous report the jobless claims sharply declined to 365,000; this upcoming weekly report may affect the path of the USD and consequently metals;

Bernanke Speech: following the FOMC meeting of April the Chairman of the Federal Reserve will give a speech regarding the US banking that may affect the direction of forex and commodities markets. The title of the speech is “Banks and Bank Lending: The State of Play ";

Forex & Bullion – May Update

The Euro/USD decreased again on Wednesday by 0.58% to 1.293; furthermore, the CAD and AUD also depreciated. These currencies are correlated with Bullion (see the chart below); if the USD will continue to trade up this may keep the downward trend of Bullion.

Guest_Commentary_Gold_Silver_Daily_Outlook_05.10.2012_body_Correlation__MAY_10.png, Guest Commentary: Gold & Silver Daily Outlook 05.10.2012

Daily Outlook

Bullion continued their downward trend during yesterday's trading and thus declined in the past three consecutive days. Will this fall continue? Usually after several days of falling a correction tends to occur; this correction might take place eventually today if there will be negative results in the upcoming U.S reports including the trade balance and jobless claims. Furthermore, Bernanke's speech might also rally the markets especially if he will hint of the Fed's intent to get involved in the markets again. But keep in mind that the recent developments in Europe are likely to keep the Euro weak and the dollar strong, which in turn is likely to keep bullion's downward trend.

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

For further reading:

Weekly Outlook for May 7-11 2012

Gold and Silver Prices Outlook for May 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.