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Gold And Silver, Daily Market Outlook, July 27th 2012

27 July 06:28 AM

Yesterday’s statement made by Mario Draghi about the ECB’s willingness to do everything to support the Euro was strong enough to support the common currency. The only thing left to find out is what the 17 eurozone countries think about that. They are usually hard to make critical decisions.

In the meantime, yesterday’s US jobless claims report came out worse than expected. The core durable goods orders and pending home sales reports came out negative as well. Us consumers keep losing confidence. All these factors suggest that the US economic growth is unstable and weak. Today’s GDP report is expected to show the weakest performance in 2012 around 1.5%. Any negative surprises will increase the probability of the Federal Reserve interfering in the situation.

Yesterday, Japan’s CPI declined for the 2^nd time in a row, thus coming out worse than expected. The retail sales report failed to come up to analysts’ expectation, even though it showed some growth. These data allow the Bank of Japan to intervene the currency market in order to prevent the Japanese yen from strengthening against the US Dollar.

European dealers report that there were minor purchases of physical gold in Europe earlier this week.

Today’s forecast:

According to the Commodity Trading Department of Masterforex-V Academy, gold is expected to test 1625. A break and consolidation above 1625 will give way to 1630, 1636. A failure the consolidate above 1623 may well force the price into going back to 1615, while a break below 1615 will trigger a bearish move down to 1610, 1600.

Silver may encounter resistance at 27.75. A break above 27.70 will give way to 28.0, 28.25. A failure to consolidate above 27.70 may result in the price rebounding down to 27.50, while a break below 27.40 will give way to 27.25.

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