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
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/MYWlQphqtb
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/paOy1oQmn3
  • US indices have a packed week ahead with earnings from the major technology names, US GDP data due and an FOMC rate decision. With so much on the docket the potential for volatility is heightened. Get your stock market forecast from @PeterHanksFX here: https://t.co/CH4WoStHvu
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/otJwnuR7qe
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/s4lZWdJoXV
  • The US Dollar Index traded higher last week, sustaining its broader uptrend. Conflicting technical signals urge caution, but the directional bias remains skewed to the upside. Get your weekly USD technical forecast from @FxWestwater here: https://t.co/jcwhcsUBEN https://t.co/tKrlrRZlZn
  • 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/MGy9OTXpUI
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here: https://t.co/ph20zFv4qS https://t.co/v4g9ATf4rr
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/De69mTseZN
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/D7AeTM5OpH
Guest Commentary: Gold & Silver Daily Outlook 08.23.2012

Guest Commentary: Gold & Silver Daily Outlook 08.23.2012

Lior Cohen: Commodities Analyst,

The prices of gold and silver continue to rally following yesterday’s publication of the minutes of the FOMC meeting. The minutes revealed that many FOMC members think “monetary accommodation would likely be warranted fairly soon”. This news is likely to shift market sentiment and keep precious metals prices rising. Currently, gold and silver prices are hiking. On today's agenda Flash Euro Area Manufacturing PMI, U.S. Jobless Claims, and Bank of Australia Governor Stevens speaks.

On Wednesday, Gold edged down by 0.15% to $1,640.5; Silver traded up by 0.43% to $29.64. During August, gold rose by 1.6%; silver, by 6.19%.

As seen below, the chart presents the shifts of normalized prices of precious metals in the last several weeks (normalized to 100 as of July 31st). During recent days, both precious metals had a sharp upward trend.

Guest_Commentary_Gold_Silver_Daily_Outlook_August_23_2012_body_Gold__August_23.png, Guest Commentary: Gold & Silver Daily Outlook 08.23.2012

On Today's Agenda

Flash Euro Area Manufacturing PMI: This report will provide an indicator to the progress of the Euro zone and its leading economies' manufacturing conditions; this news, in turn, might affect the Euro/USD and consequently also bullion;

U.S. Jobless Claims Report: in the previous update the jobless claims rose by 2k to 366,000; this upcoming weekly report may affect the USD and consequently commodities;

U.S. New Home Sales: in the previous report the sales of new homes fell to an annual rate of 350,000 – a 8.4% drop (month over month); if the number of home sales will continue to fall, it may further indicate a sign of little recovery, if at all, in the U.S real estate market which may also affect the strength of the USD;

Daily Outlook

The minutes of the FOMC meeting rekindled the hopes that the Fed will issue another quantitative easing plan. It’s not certain how this QE will help the U.S economy because it seems there is a diminishing return with each quantitative easing program. Nonetheless, this program is likely to help rally gold and sliver as both QE1 and QE2 did in recent years. The ongoing rise in the Euro is likely to keep pulling up gold and silver. Today's U.S reports including U.S new home sales report and jobless claims could affect not only the USD but also metals, as indicated above. The report on EU manufacturing PMI could also have a modest effect on the Euro which is strongly linked with bullion rates.

For further reading: On the Relation between QE Programs and Gold

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