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Stock and commodities markets

Gold And Silver: Daily Market Outlook. May 3rd 2012


 

 

The eurozone’s manufacturing PMI came out slightly worse than expected. Germany’s unemployment and manufacturing production report also disappointed investors. Now it seems that the crisis has reached the heart of the eurozone economy.

 

 

 

 

 

 
The current economic situation may force the ECB into changing its mind and going back to economic stimulation. However, the ECB is unlikely to announce any new stimuli during today’s press conference. Today’s Spanish bond auction is expected to end up with a yield increase.
 
In the meantime, the US manufacturing orders report showed a less-than-expected decline. The employment change report also came out less than expected, thus suggesting instability in the world’s major economy. Now everyone expects an unpleasant surprise during Friday’s employment report. However, the US economy is still showing some faint growth.
 
China, Japan and South Korea agreed to expand mutual investments in their T-bonds. The overall bond market of the 3 Asian giants is estimated at $15 trillion. China’s service PMI  declined against last month but remained above 50.
 
India’s import of gold keeps going down. Last month India imported 30-35 tons of gold against 90 tons imported in 2011.
 
According to the US Mint, April’s gold coin sales were the lowest since 2008.
 
Forecast.
 
According to the Commodity Trading Department of Masterforex-V Academy, gold is in a bearish trend. The probable targets are 1640, 1633 and maybe 1625. There is still a chance of testing 1653-1654. However, a further downtrend is more probable. A break and consolidation above 1654 will give way to  1665, 1675.
 
 As for silver, it is expected to test 30.25, 30.0, 29.90. However, a test of 30.60-30.6 is still possible as well. A break and consolidation above 30.65 will give way to 30.75, 30.90-31.0.

 


 

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