Silver Fundamental Analysis October 18, 2012 Forecast

Posted October 17, 2012 20:24 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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Silver Fundamental Analysis October 18, 2012 Forecast

Analysis and Recommendations:

Silver climbed 0.248 today to trade at 33.207. Buying interest in the precious metals was somewhat limited Wednesday by a very strong U.S. housing starts report. The housing report follows recent U.S. economic data that has shown improvement in the U.S. economy. This has been a negative for the precious metals because it leads to notions the U.S. Federal Reserve will begin to turn off its monetary policy stimulus spigot that has been turned open wide the past four years.

The market place is awaiting key events on Thursday. China is expected to issue its third-quarter gross domestic product data, while the EU leaders’ summit begins Thursday. Silver futures prices closed nearer the session high and also saw more short covering and bargain hunting following recent selling pressure. Bulls still need to show more power to see some fresh upside momentum develop

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 17, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Oct. 17

GBP

Average Earnings Index +Bonus

1.7%

1.6%

GBP

Claimant Count Change

-4.0K

-1.0K

-14.2K

USD

Building Permits

0.894M

0.810M

0.801M

USD

Housing Starts

0.872M

0.770M

0.758M

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

Date	Time	Currency	Event	Forecast	Previous
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 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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