Gold And Silver: Daily Forecast. September 3rd 2012

The markets seem to treat Bernanke’s Jackson Hole speech as a hit at another round of quantitative easing. However, in reality, Bernanke didn’t specify any steps. He just said that the current economic situation in the USA is far from being satisfactory.

Now investors have shifted their focus to Europe where Mario Draghi is expected to reveal the ECB’s stabilization plan during the meeting scheduled for September 6^th 2012. He may fail to come up to investors and analysts’ expectations, thereby making general statements.

Japan’s capital investment report came out worse than expected even though recent figures exceeded those seen a month ago.

China’s production report showed a further decline down to the lowest level since May 2009. Industrial output prices declined as well.

Today is a day of in the USA. Therefore, the trading day is reduced down to the European trading session.

Today’s forecast:

According to the Commodity Trading Department of , gold is expected to test 1685 after consolidating below1689. A break below 1685 will give way to 1675, 1660. Alternatively, a failure to stay below 1685, may trigger a rally up to 1700, or even 1715.

 Silver is expected to test 31.40-30.50 after consolidating below 31.75. A break below 31.40 усиливает will give way to 31.25, 31.0. A failure to consolidate below 31.40 may initiate a bullish move up to 32, 32.25, or even  32.50.