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.

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
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • ...also for those without kids or are not inherently young at heart, March 2nd is Dr. Seuss's birthday.
  • The price of gold struggles to retain the rebound from the start of the week as longer-dated US Treasury yields hold above pre-pandemic levels. Get your $XAUSD market update from @DavidJSong here:https://t.co/zE7NafvfTq https://t.co/4BxMT0iyi1
  • Uh oh. Another financial product/meme pivot. I think Elon is just a BTD kind of guy who is in tune with the social trading trends and wants to bring the retail crowd along with him. Would fit the essence of Tesla and Space X https://t.co/EP9zj1rXzU
  • Canadian #Dollar Forecast: $USDCAD Bears Fail at Support- March Levels - https://t.co/XkyFns8odx https://t.co/8Q4Tu0viz0
  • I feel the LaserEyes trend is a more effective social spread because of the visual impact. Kind of disappointed the community hasn't gotten a more tangible visual cue for BTD / BTFD. Or maybe there is one and I'm just behind the trend....which happens a lot recently
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.87% 🇨🇦CAD: 0.78% 🇳🇿NZD: 0.45% 🇪🇺EUR: -0.19% 🇯🇵JPY: -0.20% 🇨🇭CHF: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/U3yK9hfDka
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: -0.35% Oil - US Crude: -0.37% Gold: -0.50% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/7dEtLof6us
  • The price of oil extends the series of lower highs and lows from the February high ($63.81) ahead of the (OPEC) (JMMC) meeting on March 3. Get your #crudeoil market update from @DavidJSong here:https://t.co/6hjIL77koa https://t.co/h2gQHVFvaB
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/nb2pDL6nuW
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.38% France 40: 0.24% Germany 30: 0.23% US 500: 0.00% Wall Street: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/VRWeokQ9gk
Guest Commentary: Gold & Silver Daily Outlook 05.16.2012

Guest Commentary: Gold & Silver Daily Outlook 05.16.2012

Lior Cohen, Energy Analyst for Trading NRG,

Gold and silver continued their downward trend during yesterday's trading despite the slightly positive news of the higher than expected growth rate of Germany's GDP in the Q1 2012 (a growth rate of 0.5%); the news of the new elections in Greece to be held in June raised the anxiety in the markets and dragged down the Euro. This news may continue to affect the forex and commodities markets in the days to follow. As stated in the weekly gold outlook there are many items on today's agenda: the minutes of April FOMC meeting, U.S housing starts report, ECB President speaks, Euro Area Annual Inflation and BOE Inflation Report .

Gold slipped again on Tuesday by 0.25% to $1,557.1; silver also declined by 0.96% to $28.08. During the month gold fell by 6.44% and silver by 9.47%.

On Today's Agenda

Minutes of April FOMC Meeting: Following the recent FOMC meeting, in which it was decided to keep the monetary policy unchanged, the market didn't react to this news as metals only slightly rose. The minutes of the FOMC meeting might offer some insight behind this decision regarding the future steps of the FOMC;

U.S. Housing Starts: the housing starts figures were historically correlated with gold– as housing starts declined, gold tended to increase the following day; in the previous report, the adjusted annual rate declined by 5.8% (M-O-M) to 654,000 in March;

Forex / Bullion– May Update

The Euro/USD declined again on Tuesday by 0.73% to 1.2729 – the lowest level since January 2012. As indicated below the correlation between gold and Euro/USD slightly fell in recent weeks but is still mid-strong (currently it stands at 0.33). Nevertheless, since these currencies pairs are still strongly and positively correlated with metals, as the USD continues to appreciate against the Euro, bullion may continue to be adversely affected from this trend.

Guest_Commentary_Gold_Silver_Daily_Outlook_05.16.2012_body_Correlation_May_16.png, Guest Commentary: Gold & Silver Daily Outlook 05.16.2012

Daily Outlook

I speculate bullion will continue their downward trend during today's trading. The upcoming reports from the U.S may curb this downward trend if the housing starts will continue to fall and if the FOMC minutes might reveal some more hints of a potential monetary expansion is in the horizon (I suspect low chances for this in the near future). The political developments in the Euro Area mainly Greece may keep the anxiety levels in the financial markets high so that the Euro might continue its weakness against the USD; this Greek news may also drag along with it commodities.

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

For further reading:

Weekly Outlook for May 14-18 2012

Gold and Silver Weekly Outlook for May 14-18

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