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 08.24.2012

Guest Commentary: Gold & Silver Daily Outlook 08.24.2012

Lior Cohen: Commodities Analyst,

The prices of gold and silver, as expected, hiked during yesterday as a clear cut market reaction to the publication of the minutes of the FOMC meeting. The minutes revealed that many FOMC members consider “monetary accommodation would likely be warranted fairly soon”. In other news: The U.S new home sales report came out and showed a rise in sales. This news might have some lingering effect on today's bullion market. The U.S jobless claims rose by 4k to reach 372k. On today's agenda: GB revised GDP Q2 2012, and U.S Core Durable Goods.

On Thursday, Gold hiked by 1.97% to $1,672.8; Silver also traded up by 3.04% to $30.54. During August, gold rose by 3.6%; silver, by 9.4%.

The ratio between the two precious metals declined again on Thursday to 54.77. During August the ratio decreased by 5.31% as gold under-performed silver.

Guest_Commentary_Gold_Silver_Daily_Outlook_August_24_2012_body_Ratio__August_24.png, Guest Commentary: Gold & Silver Daily Outlook 08.24.2012

On Today's Agenda

GB revised GDP Second Quarter 2012: This report will present the revised quarterly growth rate of the British economy during the second quarter of 2012; according to the preliminary estimate the second quarter contracted by 0.8% (yearly scale);

U.S Core Durable Goods: This report may indirectly present the changes in U.S. demand for commodities such as crude oil. As of June 2012, new orders of manufactured durable goods rose by $3.4 billion to $221.6 billion; if this report will continue to be positive then it could strengthen not only the USD but also bullion;

Currencies / Bullion Market –August Update

The Euro/ USD edged up again on Thursday by 0.28% to 1.2564. Alternatively, other currencies including Aussie dollar and Canadian dollar depreciated on Thursday against the USD by 0.62% and 0.25%, respectively. The linear correlation between gold and Euro, Aussie dollar are still strong and positive: during the month, the correlation between the gold and EURO/USD reached 0.49 (daily percent changes); between gold and AUD/USD, 0.316. Thus, if these currencies pairs will fall against the USD, it could also pressure down the prices of metals.

Daily Outlook

Precious metals hiked during yesterday, as an expected reaction, following the publication of the minutes of the FOMC meeting that rekindled the expectations from the Fed to issue another quantitative easing plan in the near future. I still think it’s not certain how this QE will help the U.S economy because it seems there is a diminishing return for QE programs. The news of the rise in new home sales sold may curb the rally of bullion rates while the rise in U.S jobless claims could have adversely affected the USD. Today's reports including GB GDP and U.S core durable goods could also play a role in today's precious metals markets (as specified above).

For further reading: Gold and Silver Outlook for August

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