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Gold And Silver: Daily Market Outlook. July 11th 2012

11 July 08:39 AM

The EU finance ministers have failed to agree on the final size of the financial aid to Spanish banks. Italy’s manufacturing production index increased unexpectedly yesterday. At the same time the Prime Minister of Italy reported that Italy could ask the EU for financial aid in order to support the Italian bond market.

Yesterday, The supreme Court of Germany started considering the legitimacy of the latest decision made by the EU authorities over the ESM and new budget policies.

Today, the US is to publish its trade balance report. Analysts expect the deficit to shrink down to $48.5 bn against the background of lower oil prices, which may help the US to reduce the import expenses. Also, the Federal Reserve is to revel its latest decision on its monetary policy. Investors will be examining the report thoroughly, thus trying to find valuable information. The US labor market has recently shown an improvement.

PGF, another US broker, reported about bankruptcy after the CFTC accused it of misuse of clients’ funds.

Without extra drivers, gold seems to have stuck within the $1550-1600 price range.

Today’s forecast.

According to the Commodity Trading Department of Masterforex-V Academy, gold may test the resistance around 1580. On consolidating above 1580, the price will trigger the bullish scenario with probable targets around 1587, 1593, 1600. A failure to consolidate above 1580 will give way to 1575, 1550.

Today, we expect silver to test 27.10-27.25, and maybe 27.50. A break below 26.85 will trigger a bearish move down to 26.75, 26.50, 26.25.

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