Silver Fundamental Analysis July 31, 2012, Forecast

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

Analysis and Recommendations:

Silver has been able to rise in today’s session adding 0.155 or 0.56% outpacing gold. Industrial metals traded on a more positive note as central banks around the globe are expected to act this week. The injection of additional stimulus, would help increase production and increase silver prices.

On a weekly basis, holdings in the iShares Silver Trust, the world’s largest silver-backed exchange-traded fund, declined by 0.6 percent to 9639.42 tons on 27th July 2012 from previous level at 9696.71 tonnes on 20th July 2012.

Expect Silver prices to trade sideways with upward bias on expectations of stimulus measures to be decided on August 1 by the US Federal Reserve policy makers coupled with weakness in the DX. Positive steps to be taken by the ECB President in the coming weeks will also act as supportive factor for the white metal prices.

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 for July 30, 2012 actual v. forecast

Date

Time

 

Currency

 

Importance

 

Event

Actual

 

Forecast

 

Previous

 

 

Jul. 30

00:50

 

JPY

 

 

 

Industrial Production (MoM) 

-0.1%

 

1.5% 

 

-3.4% 

 

 

 

02:00

 

AUD

 

 

 

HIA New Home Sales (MoM) 

2.8%

 

 

 

0.7% 

 

 

 

10:20

 

EUR

 

 

 

Italian 10-Year BTP Auction 

5.96%

 

 

 

5.82% 

 

 

 

11:00

 

GBP

 

 

 

CBI Distributive Trades Survey 

11

 

15 

 

42 

   

 

Upcoming Economic Events that affect the CHF, EUR and GBP

Date

Time

Currency

Event 

Forecast

Previous

Jul 31

6:45

EUR

French Consumer Spending m/m

 

0.4%

 

7:55

EUR

German Unemployment Change

 

7K

 

9:00

EUR

CPI Flash Estimate y/y

 

2.4%

 

9:00

EUR

Unemployment Rate

 

11.1%

Aug 1

1st-8th

GBP

Halifax HPI m/m

 

1.0%

 

7:15

EUR

Spanish Manufacturing PMI

 

41.1

 

7:45

EUR

Italian Manufacturing PMI

 

44.6

 

8:30

GBP

Manufacturing PMI

 

48.6

Aug 2

7:00

EUR

Spanish Unemployment Change

 

-98.9K

 

7:15

CHF

Retail Sales y/y

 

6.2%

 

7:30

CHF

SVME PMI

 

48.1

 

8:30

GBP

Construction PMI

 

48.2

 

11:00

GBP

Asset Purchase Facility

 

375B

 

11:00

GBP

Official Bank Rate

0.50%

0.50%

 

11:45

EUR

Minimum Bid Rate

0.75%

0.75%

 

12:30

EUR

ECB Press Conference

   

Aug 3

8:30

GBP

Services PMI

 

51.3

 

9:00

EUR

Retail Sales m/m

 

0.6%

Government Bond Auctions

Date  Time  Country 

Jul 31  00:30  Japan

Jul 31  09:30  Belgium

Aug 01  09:30  Germany

Aug 01  10:00  Norway

Aug 01  13:00  US

Aug 02  08:30  Spain 

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
 
We value your privacy. Your e-mail address will not be shared.
About: FX Empire Analyst - Barry Norman

Barry produces a private Daily Market Review newsletter that is distributed around the globe to over 25,000 subscribers and recently published a book on Options Trading that is available from amazon.com

  View all of FX Empire Analyst - Barry Norman's Articles    
Share Your Thoughts: Post a Comment


Your email address will not be published.


include_once( __DIR__ . "/request_context.php");