Silver Fundamental Analysis July 27, 2012, Forecast

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Analysis and Recommendations:

Silver moved up to 27.563 following cues from the metals pack and from gold. In the midst of unrelenting worries over the eurozone debt contagion, market focus has now turned upon the release of advanced estimates of second quarter US GDP which is scheduled for release tomorrow. Sentiments were mixed in commodities ahead of the key data. Precious metals moved mostly steady, sustaining the previous session gains. Spot gold held above $1600 an ounce, near its three week high. Hopes of more central bank action to support the flagging economic growth boosted the prices. Base metals in LME weakened after trading mostly steady earlier today as worries over demand continued to cap gains. LME copper and nickel dropped more than one per cent. String of weak data from the leading economics weighed on the sentiments. Tracking losses in the international market, base metal complex dropped in MCX too.

US durable goods are a market neutral with large factory orders pushing the total number over economist projections and unemployment coming in better than expected. The question facing markets now, will these changes reduce the possibility of the Fed offering stimulus next week

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data July 26, 2012 actual v. forecast

Date

 

Currency

 

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Jul. 26

 

KRW

 

 

 

South Korean GDP (QoQ) 

0.4%

 

0.5% 

 

0.9% 

 

 

 

 

JPY

 

 

 

BoJ Governor Shirakawa Speaks 

 

 

 

 

 

 

 

 

 

EUR

 

 

 

GfK German Consumer Climate 

5.9

 

5.8 

 

5.8 

 

 

 

 

USD

 

 

 

Core Durable Goods Orders (MoM) 

-1.1%

 

0.1% 

 

0.8% 

   

 

 

USD

 

 

 

Durable Goods Orders (MoM) 

1.6%

 

0.4% 

 

1.6% 

   

 

 

USD

 

 

 

Initial Jobless Claims 

353K

 

380K 

 

388K 

   

 

 

USD

 

 

 

Continuing Jobless Claims 

3287K

 

3310K 

 

3317K 

   

 

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

 Event

Previous

Jul 27

27th-31st

GBP

Nationwide HPI m/m

-0.6%

All Day

EUR

German Prelim CPI m/m

-0.1%

7:00

CHF

KOF Economic Barometer

1.16

12:30

USD

Advance GDP q/q

1.9%

13:55

USD

Revised UoM Consumer Sentiment

72.0

Government Bond Auctions

Date  Time  Country 

Jul 27  09:10  Italy

Jul 27  17:00  US

 

 

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About: FX Empire Analyst - Barry Norman

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