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Gold And Silver: Daily Market Outlook. May 25th 2012

25 May 04:57 AM

The latest PMI reports from the eurozone have come out worse than expected once again. In the meantime, experts keep working on “Plan B” in case Greece eventually leaves the eurozone even though the European authorities want Greece to stay. For, now there are several possible scenarios for the future development of the eurozone economy, including common Eurobonds and the EFSF expansion up to €20bn.

Yesterday’s US jobless claims report came out worse than expected once again. The core durable goods report and the consumer confidence report showed a decline as well. This suggests that the US economic growth is fragile and unstable. The US Senate has just approved the 2013 defense budget in order to fit into the spending limit set by President Obama.

Yesterday, Japan released its core CPI, which turned out to be better than expected.

Another round of the nuclear talks between Iran and the Western alliance took place yesterday. The parties agreed to resume talks in Moscow on June 18-19^th. The USA is not going to ease the sanctions against Iran till then.

Numerous reports confirm that central banks keep purchasing physical gold. Yesterday, in order to enliven the demand, the CME lowered the margin requirements for gold, crude oil and some other futures contracts. The new rules will take effect on may 29^th. The margin requirements for gold were cut by 21%.

Monday is a day-off in the US. Therefore, markets may well grow volatile today.

According to the Commodity trading department of Masterforex-V Academy, gold is being traded within the 1575-1535 price range. It is expected to test 1550, 1540. If the price consolidates above above 1560 will trigger a rally up to 1575. A break and consolidation above 1577 will give way to 1588-1590. Alternatively, a failure to consolidate above 1558 may resume the downtrend. A break and consolidation below 1535 will give way to 1525.

As for silver, we expect it to test 27.75. If an H1 bar closes below 27.70, it will give way to 27.50-27.40..

A test of 28.16-28.25 looks probable as well. A break and consolidation above 28.25 will trigger a rally up to 28.50, and maybe 28.75.

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