Gold And Silver: Daily Market Outlook. May 17th 2012
17 May 07:12 AM
Stock markets lost over $3 trillion on Greek news. The next round of parliamentary elections are seen as a referendum of the eurozone membership. The ECB has suspended the lending for several Greek banks.
Yesterday’s FOMC meeting minutes testify that most FOMC members support further economic stimulation if the pace of economic growth slows down. The manufacturing production is growing better than expected. The production capacity index has increased as well. President Obama insists on raising the borrowing limit for the US Government without additional public spending cuts.
Japan’s GDP report came out better than expected. The manufacturing production report showed some growth as well. Analysts expect China to resume the high pace of economic growth.
Amid the eurozone uncertainty and the rumors connected with another round of quantitative easing, the demand for gold and other precious metals increased yesterday.
According to Asian dealers, platinum is getting more popular with Indian jewelers. The reason is that platinum has recently been traded at a discount as compared with gold. This tendency is clearly seen in big cities.
According to the Commodity Trading Department of Masterforex-V Academy, today gold may continue its rally if the price consolidates above 1549. If this is the case, the closest targets will be around 1560, 1575, 1595. A failure to consolidate above 1549 may result in a test of 1540. If an H1 price bar closes below 1536 the probability of going down to 1510, 1500 will increase.
Silver is expected to test the 27.75 resistance. On consolidating above 27.8, the price may rally further up to 28.0, 28.25. Alternatively, a failure to consolidate above 27.80 will probably resume the downtrend with targets around 27.40, 27.25. A break and consolidation below 27.15 will intensify the downswing. In this case, it may well touch 27.0, 26.75, and even 26.50.
Curesec, a German company engaged in cybersecurity, reports that Android 4.3 Jelly Bean is vulnerable to hacker attacks. There is a vulnerability in the system that makes it possible to deactivate the lock of any mobile devices (smartphone or tablet) powered by this very version of Android OS. This leads to hack opportunities.
Apple, the world-famous tech giant, is reported to start cooperating with Yandex, Russia’s biggest internet company. In particular, Apple has recently connected Apple Online Store to Yandex.Market, the online marketplace of the Russian-speaking internet community.
According to several Russian sources, Apple may decided ot open one or several Apple Stores in Moscow. At this point, Apple hasn't commented on the matter, therefore the news can be considered a rumor at this point.
According to Mobile Syrup, LG G2, the popular mobile devices manufactured by LG, is going to see a software update. In particular, the company is planning to release the OS update up to Android 4.4 KitKat. The web site refers to the sources affiliated with the company. The even is going to happen in the first quarter of 2014.
Global sugar prices have been gradually declining since early 2011. In particular, in February 2011, the price of sugar reached the high at 36,08 cents per pound while in lat 2013 the price is down by 50% and is trading around 17-18 cents per pound, Market Leader reports.
Despite the fact that Google has its won operating system Chrome OS that powers laptops, more and more employees of Google prefer the products manufactured by another American tech giant, which is Apple.
The North American market of natural gas is subject to seasonality more than any other NG market. It usually sees higher prices in winter, which is natural since more NG needed during the heating season. The seasonality is reflected in NG futures prices shown by New York Merchantile Exchange (NYMEX).
Next year, Samsung, the world-famous South Korean manufacturer of computer electronics, will introduce several interesting mobile devices. The tech giant is planning to produce something interesting and extraordinary. At the same time, the company will renew several existing devices.
On November 27th, Nokia officially announced a new low-cost smartphones Lumia 525 – the successor of Lumia 520. The event took place in Singapore. This is the new version of the most popular Windows-powered smartphone.