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Gold And Silver: Daily Market Outlook. June 19th 2012

19 June 10:40 AM

The G20 summit keeps discussing the eurozone crisis. European leaders seem to have agreed to move towards a more integrated banking system.

China agreed to sponsor the IMF in order to support the global economy and to resolve the eurozone crisis. As a result, 12 emerging economies, including Russia and South Africa, managed to expand the IMF’s recourses from $430 bn up to $456 bn. World leaders keep urging Angela Merkel to find the ways and means of reviving the eurozone economy. Japan’s finance minister asked Europe to be more decisive in resolving the eurozone crisis, thus blaming it for the strengthening of the Japanese Yen.

The Spanish bond yield made another high. In the meantime, Greek politicians are forming a coalition government.

Yesterday was the first day of another round of the nuclear talks between Iran and the West. It took place in Moscow. There is a fragile hope that the parties will agree on major issues today.

Against the background of Moscow’s nuclear talks and the G20 summit, gold is being traded within a narrow price range, simultaneously gaining value a little. Obviously, market participants are looking forward to the Fed Reserve’s decision on further economic stimulation.

Forecast.

According to the Commodity Trading Department of Masterforex-V Academy, today gold will probably be testing 1627. A break below 1627 will give way to 1610, 1600, 1595. A failure to consolidate below 1627, followed by consolidation above 1632, will trigger the bullish scenario, initiating a rally up to 1650, 1675. A failure to consolidate above 1632 may well initiate a flattish movement within a price rage.

Silver is expected to test 28.65, if the price consolidates below 28.65, it will give way to 28.5, 28.25, and maybe 28.0. A failure to close an H1 bar below 28.65 may well trigger the bullish scenario, which needs a break above 28.84 to take place. If this is the case, the price may well initiate a rally up to 29.0, 29.25, 29.5.

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

Stock and commodities markets

Gold And Silver: Daily Market Outlook. June 19th 2012

Japanese Stock Market Goes Red Amid Stronger Yen

Gazprom Sees Income Decline. Possible Threats For Russia?

European Stock Indices Go Red

Apple Is Planning To Patent Social Camera Flash

US Stock Indices Show Weak and Multidirectional Dynamics

Asian-Pacific Indices Go Red

European Stock Indices Go Red On Poor Reports

Brent Comes Close To $105/b.

Investors Should Get Ready For Further Monetary Stimuli

European Stock Indices Break Records