Gold And Silver: Daily Market Outlook. June 20th 2012
20 June 08:12 AM
Today, all eyes are on the FOMC meeting results, which are expected to reveal the Federal Reserve’s decision on further economic stimulation. The central bank acknowledges the risks and threats coming for the eurozone crisis. At the same time, the bankers expect an economic slowdown in the USA due to tax hikes and spending cuts. That is why further economic stimulation may be too premature at this point. That is why the outcome of the meeting is not clear.
Japan has published its external trade balance report. The deficit increased once again due to the fact that the Japanese Yen keeps getting stronger as a safe haven asset allowing investors secure their funds against the uncertainty caused by the eurozone crisis. Experts anticipate the deficit to growth further.
During the G20 summit, most G20 leaders supported the idea of creating a more integrated European banking system within the eurozone. Next week’s EU summit is expected to give birth to the integration process.
Greece keeps forming a coalition government while Spain ’s bond auction sees another yield increase.
The market of gold has been losing its volatility for the 2n day in a row. Obviously, no one wants to risk in advance of the FOMC meeting results.
According to the Commodity Trading Department of Masterforex-V Academy, gold is expected to test 1623. A break above 1623.5 will trigger a rally up to 1630-1633, while a break above 1633, will give way to 1650, 1675. Alternatively, a failure to consolidate above 1623.5, followed y a break below 1619 will trigger the bearish scenario with targets around 1600, 1595, 1575.
As for silver, it will probably test 28.35. A break below 28.35 will give way to 28.1, 28.0, 27.75. A failure to consolidate below 28.35, followed by a break above 28.45 may well initiate a rally up to 28.5, 28.75.
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Barclays Capital experts say that the British Pound is about to see a period of weakness. They name 4 major factors that will contribute to the decline:
Firstly, the British Pound will be influenced by the pace of economic growth in the UK and the USA. They say that the current economic situation in Great Britain is even worse than overseas, simultaneously pointing out that the pace of the British economic recovery will yield to the US one.