Silver Fundamental Analysis October 17, 2012 Forecast

Posted October 16, 2012 16:05 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size      
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Silver Fundamental Analysis October 17, 2012 Forecast

Silver Fundamental Analysis October 17, 2012 Forecast

Analysis and Recommendations:

Silver is trading at 32.832 taking cues from gold as precious metals regained a few points today. The U.S. dollar index is trading solidly lower Tuesday morning. The U.S. dollar bears have the overall near-term technical advantage.  Silver futures are also seeing bargain hunting Tuesday, after prices hit a fresh four-week low on Monday. Silver bulls have also faded and need to show more power soon. A 10-week-old uptrend on the daily bar chart has been negated. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $34.38 an ounce. 

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 recent analysis and information in our  weekly reports.

Economic Data October 16, 2012 actual v. forecast

Date

Time

 

Currency

 

Importance

 

Event

Actual

 

Forecast

 

Previous

Oct. 16

01:30

 

AUD

 

  

 

Monetary Policy Meeting Minutes 

  

 

  

 

 

 

09:30

 

GBP

 

  

 

Core CPI (YoY) 

2.1%

 

2.1%

 

2.1% 

 

09:30

 

GBP

 

  

 

CPI (YoY) 

2.2%

 

2.2%

 

2.5% 

 

09:30

 

GBP

 

  

 

PPI Input (MoM) 

-0.2%

 

-0.1%

 

1.9% 

 

09:30

 

GBP

 

  

 

CPI (MoM) 

0.4%

 

0.4%

 

0.5% 

 

09:30

 

GBP

 

  

 

PPI Input (YoY) 

-1.2%

 

-0.8%

 

1.1% 

 

10:00

 

EUR

 

  

 

CPI (YoY) 

2.6%

 

2.7%

 

2.7% 

 

10:00

 

EUR

 

  

 

German ZEW Economic Sentiment 

-11.5

 

-15.0

 

-18.2 

 

10:00

 

EUR

 

  

 

ZEW Economic Sentiment 

-1.4

 

-1.1

 

-3.8 

 

10:00

 

EUR

 

  

 

Core CPI (YoY) 

1.5%

 

1.6%

 

1.5% 

 

13:30

 

USD

 

  

 

Core CPI (MoM) 

0.1%

 

0.2%

 

0.1% 

 

13:30

 

USD

 

  

 

CPI (MoM) 

0.6%

 

0.5%

 

0.6% 

 

13:30

 

CAD

 

  

 

Foreign Securities Purchases 

6.90B

 

8.72B

 

6.67B 

 

13:30

 

CAD

 

  

 

Manufacturing Sales (MoM) 

1.50%

 

1.00%

 

-0.80% 

 

13:30

 

USD

 

  

 

CPI (YoY) 

2.0%

 

1.9%

 

1.7% 

 

13:30

 

USD

 

  

 

Core CPI (YoY) 

2.0%

 

2.0%

 

1.9% 

 

14:00

 

USD

 

  

 

TIC Net Long-Term Transactions 

90.0B

 

45.3B

 

67.2B 

 

14:15

 

USD

 

  

 

Industrial Production (MoM) 

0.4%

 

0.2% 

 

-1.4% 

 

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

Date

Time

Currency

Event

Forecast

Previous

Oct. 17

09:30

GBP

Average Earnings Index +Bonus 

  

1.5%
 

09:30

GBP

Claimant Count Change 

  

-15.0K

Oct. 18

09:30

GBP

Retail Sales (MoM) 

0.4%

-0.2%
 

09:30

GBP

Retail Sales (YoY) 

2.1%

2.7%

Government Bond Auction

Date Time Country 

Oct 17 09:10 Sweden 

Oct 17 09:30 Germany 

Oct 17 09:30 Portugal 

Oct 17 10:00 Norway 

Oct 17 14:30 Sweden 

Oct 18 08:30 Spain           

Oct 18 08:50 France 

Oct 18 09:30 UK 

Oct 18 09:50 France 

Oct 18 14:30 Sweden 

Oct 18 15:00 US 

Oct 18 17:00 US 


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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

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