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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.

Forecast

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.

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«Market Leader» - news and previews making you rich.

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