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Gold And Silver: Daily Market Outlook. July 3rd 2012

03 July 09:25 AM

Finland and Netherlands report they could block the decisions made during the latest EU summit.

Yesterday’s US manufacturing production index declined below 50, thus failing to come up to analysts’ expectations. Thus suggests a decline in the country’s manufacturing sector. At the same time, construction spending increased as opposed to the previous month. This may well be the beginning of a recovery in the US hosing sector.

Japan released the report on household income yesterday. The report showed an unexpected decline. This may have a negative impact on the retail sector.

In the meantime, the market of physical gold is quiet. The gold premium in Singapore is around $0.7 per ounce. The biggest gold ETF confirmed a decline in gold reserves by 2.11 tons. This is the first quarterly decline over the last 12 months.

Forecast

According to the Commodity Trading Department of Masterforex-V Academy, gold may test the following levels of resistance: 1615, 1625, and maybe 1630. A failure to consolidate above 1615, may give way down to 1600-1597. A break below 1597 will probably intensify the downswing to let it touch 1585, 1575.

As for silver, it may well test 27.90. If an H1 price bar closes above 27.90, the price may trigger a rally up to 28.25, 28.40. A failure to consolidate above 27.90 may result in the price rebounding and reaching 27.50, while consolidation below 27.40 will intensify the bearish move, thus letting it reach 27.25, 27.0.

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Go and conquer new dimensions of thinking.
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«Market Leader» - news and previews making you rich.

Stock and commodities markets

Gold And Silver: Daily Market Outlook. July 3rd 2012

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