Yesterday’s US jobless claims report showed an increase, thereby exceeding the forecast. Meanwhile, FRS officials confirm their intension to maintain low interest rates till the rate of unemployment is below 5.5%.
Yesterday’s eurozone PMI report came out with an increase against last month’s figures. However, it is still below 50.0, which suggests weakness. The Services PMI report showed a decline. Spain held another bond auction, which resulted in lower bond yields. It turns out that Italy and Spain are not going to ask for external financial support unless there is another sharp increase in their bond yields.
According to the US Mint, the sales of gold coins have dropped by 46% over the last 12 months.
Today’s forecast:
According to the Commodity Trading Department of , gold is expected to test 1780. If an H1 price bar closes above 1780, we may see the price rallying up to 1786-1791, or even 1800. Alternatively, a failure to stay above 1780 will give way to 1770. A break below 1767 may well trigger a bearish move down to 1760, 1750 and 1725.
Silver is probably going to test 34.95-35.0. If an H1 price bar closes above 35.0, we may see the price rallying up to 35.25, 35.50, or even 35.75. Alternatively, a failure to stay above 35.0 will give way to 34.75, 34.50 and 34.25.
