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Gold and Silver: Daily Market Outlook. June 8th 2012

08 June 06:50 AM

The People’s Bank of China has cut the yuan interest rate for the first time since 2008. This came as a surprise. Some experts say this may suggest that the Chinese government considers the possibility of a further economic slowdown.

At the same time, Ben Bernanke seems to have disappointed those who hoped for some hints at the fed Reserve’s policies in the coming months. However, the Chairman confirmed the possibility of further economic stimulation without specifying he details. The FRS expects the US economy to keep growing in the coming quarters, attended by lower inflation within the limit. Yesterday’s unemployment claims report exceeded the forecast.

Japan has published reassuring economic data today. The GDP gained 1.2%. The trade balance came out worse than expected, but with a surplus.

Spain successfully placed their bonds yesterday. However, the yield increased. Angela Merkel says Europe is determined to act in order to restore the eurozone stability amid further Spanish rating cuts.

Stock markets were disappointed by Bernanke’s speech and Chinese reports. The indexes wend down. The pessimism spread over some commodity markets. In particular, precious metals showed a sharp price decline.

Asian dealers report that June will be a standstill period in the jewelry industry, thus determining the demand for physical gold.

Forecast.

According to the Commodity Trading Department of Masterforex-V Academy, gold may test the resistance area around 1588, 1593. A break and consolidation above 1594 will intensify the rally up to 1620, 1628. Alternatively, a failure to consolidate above 1588 will trigger the bearish scenario down to 1550, 1539, 1525.

Silver is expected to test the resistance area around 28.50, 28.65. On consolidating above 28.55, the price will trigger a rally up to 28.75, 29.0, 29.25. Alternatively, a failure to consolidate above 28.55 will trigger the bearish scenario down to 28.0, 27.75, 27.25.

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

Stock and commodities markets

Gold and Silver: Daily Market Outlook. June 8th 2012

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Gazprom Sees Income Decline. Possible Threats For Russia?

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European Stock Indices Go Red On Poor Reports

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