FXstreet.com

London Bullion Report

2

0

Gold and silver tread water ahead of ECB & payrolls data

Thu, Jul 2 2009, 07:34 GMT
by Bullion Desk Team

The Bullion Desk


London, 02 July 2009 - Gold finished modestly higher yesterday, but still in the confines of recent trading range after employment data proved weaker than forecast, triggering weakness in the dollar.
EUR/USD briefly touched 1.42 - a 3½ week high - while the DXY closed 0.6% lower. The US jobs market will remain the focus today with the release of Non-Farm Payrolls for June; forecast -360k, in addition to ECB rate announcement and accompanying speech.

Mixed closes were seen in the commodity indexes Wednesday with the CRB up 0.5% and GSC down 1.25% while NYMEX crude for August finished down 58-cents at $69.31/barrel having posted a high of $71.85. Equities finished with modest gains yesterday with the Dow up 0.7% and the S&P500 0.4%. A more mixed mood has been seen this morning with the Nikkei down 0.6% and HSI up 1%.

Gold was initially comfortable trading $928.50-32.50 before pushing higher in reaction to the employment data. Gold ran up initially to $942 before posting a high of $946.60 later in the session, closing at $941.30. The yellow metal has been confined to a narrow range this morning and barring any major surprise from either the ECB or payrolls data gold looks set for further consolidation in the current $925-50 range, but with slow demand from the physical sector and institutional investor we still see gold vulnerable to a deeper correction in the short to medium-term.

Silver finished 0.8% firmer Wednesday after trading $13.64-89 and has tracked gold this morning. The metal is likely to find further support around the 100DMA ($13.64), but as with gold the metal is at risk to short-term weakness and could test back to the $12.90 area.

Silver

Platinum and palladium both finished 1.25% firmer at $1198 & $254 respectively.
While pressure on gold and silver would no doubt weigh on platinum and palladium both remain supported by favourable fundamentals and background factors.
Platinum could see a test down towards the 100-DMA ($1143) while a push above $255 by palladium could trigger a retest to the $258-62 area.

Platinum


Palladium


Archive

TheBullionDesk Limited  | Rose and Crown Walk, Saffron Walden, Essex, CB10 1JH
http://www.thebulliondesk.com/ | info@thebulliondesk.com

Legal disclaimer and risk disclosure

TheBullionDesk has taken every precaution to provide the most accurate information possible. However it is provided without warranty or claim of reliablity. PLEASE READ THIS DOCUMENT CAREFULLY BEFORE ACCESSING OR USING THE SITE. BY ACCESSING OR USING THE SITE, YOU AGREE TO BE BOUND BY THE TERMS AND CONDITIONS SET FORTH BELOW. IF YOU DO NOT WISH TO BE BOUND BY THESE TERMS AND CONDITIONS, YOU MAY NOT ACCESS OR USE THE SITE. THEBULLIONDESK MAY MODIFY THIS AGREEMENT FROM TIME TO TIME, AND SUCH MODIFICATIONS SHALL BE EFFECTIVE IMMEDIATELY UPON POSTING OF THE MODIFIED AGREEMENT ON THE SITE. YOU AGREE TO REVIEW THE AGREEMENT PERIODICALLY TO BE AWARE OF SUCH MODIFICATIONS AND YOUR CONTINUED ACCESS OR USE OF THE SITE SHALL BE DEEMED YOUR CONCLUSIVE ACCEPTANCE OF THE MODIFIED AGREEMENT. It is accepted by the site visitor on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. The information and data were obtained from sources believed to be reliable, but we do not guarantee its accuracy. YOU MAY NOT MODIFY, COPY, REPRODUCE, REPUBLISH, UPLOAD, POST, TRANSMIT, OR DISTRIBUTE, IN ANY MANNER, THE MATERIAL ON THE SITE, INCLUDING TEXT, GRAPHICS, CODE AND/OR SOFTWARE. You may print and download portions of material from the different areas of the Site solely for your own non-commercial use provided that you agree not to change or delete any copyright or proprietary notices from the materials. You agree to grant to TheBullionDesk a non-exclusive, royalty-free, worldwide, perpetual license, with the right to sub-license, to reproduce, distribute, transmit, create derivative works of, publicly display and publicly perform any materials and other information (including, without limitation, ideas contained therein for new or improved products and services) you submit to any public areas of the Site (such as bulletin boards, forums and newsgroups) or by e-mail to TheBullionDesk by all means and in any media now known or hereafter developed. You also grant to TheBullionDesk the right to use your name in connection with the submitted materials and other information as well as in connection with all advertising, marketing and promotional material related thereto. You agree that you shall have no recourse against TheBullionDesk for any alleged or actual infringement or misappropriation of any proprietary right in your communications to TheBullionDesk. YOU ASSUME TOTAL RESPONSIBILITY AND RISK FOR YOUR USE OF THE SITE AND THE INTERNET. THEBULLIONDESK PROVIDES THE SITE AND RELATED INFORMATION "AS IS" AND DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES, REPRESENTATIONS OR ENDORSEMENTS WHATSOEVER (INCLUDING WITHOUT LIMITATION WARRANTIES OF TITLE OR NONINFRINGEMENT, OR THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE) WITH REGARD TO THE SERVICE, ANY MERCHANDISE INFORMATION OR SERVICE PROVIDED THROUGH THE SERVICE OR ON THE INTERNET GENERALLY, AND THEBULLIONDESK SHALL NOT BE LIABLE FOR ANY COST OR DAMAGE ARISING EITHER DIRECTLY OR INDIRECTLY FROM ANY SUCH TRANSACTION. IT IS SOLELY YOUR RESPONSIBILITY TO EVALUATE THE ACCURACY, COMPLETENESS AND USEFULNESS OF ALL OPINIONS, ADVICE, SERVICES, MERCHANDISE AND OTHER INFORMATION PROVIDED THROUGH THE SERVICE OR ON THE INTERNET GENERALLY. THEBULLIONDESK DOES NOT WARRANT THAT THE SERVICE WILL BE UNINTERRUPTED OR ERROR-FREE OR THAT DEFECTS IN THE SERVICE WILL BE CORRECTED. IN NO EVENT WILL THEBULLIONDESK BE LIABLE FOR (I) ANY INCIDENTAL, CONSEQUENTIAL, OR INDIRECT DAMAGES (INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, BUSINESS INTERRUPTION, LOSS OF PROGRAMS OR INFORMATION, AND THE LIKE) ARISING OUT OF THE USE OF OR INABILITY TO USE THE SERVICE, OR ANY INFORMATION, OR TRANSACTIONS PROVIDED ON THE SERVICE, OR DOWNLOADED FROM THE SERVICE, OR ANY DELAY OF SUCH INFORMATION OR SERVICE. EVEN IF THEBULLIONDESK OR ITS AUTHORIZED REPRESENTATIVES HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, OR (II) ANY CLAIM ATTRIBUTABLE TO ERRORS, OMISSIONS, OR OTHER INACCURACIES IN THE SERVICE AND/OR MATERIALS OR INFORMATION DOWNLOADED THROUGH THE SERVICE. TheBullionDesk makes no representations whatsoever about any other web site which you may access through this one or which may link to this Site. When you access a non-TheBullionDesk Web site, please understand that it is independent from TheBullionDesk, and that TheBullionDesk has no control over the content on that Web site. In addition, a link to a TheBullionDesk Web site does not mean that TheBullionDesk endorses or accepts any responsibility for the content, or the use, of such Web site. You agree to indemnify, defend and hold harmless TheBullionDesk, its officers, directors, employees, agents, licensors, suppliers and any third party information providers to the Service from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, resulting from any violation of this Agreement (including negligent or wrongful conduct) by you or any other person accessing the Service. Some of the information on this Web site may contain projections or other forward-looking statements regarding future events or the future financial performance of TheBullionDesk Limited. We wish to caution you that these statements are only predictions and that the actual events or results may differ materially. This agreement shall be construed according according to the laws of the United Kingdom.

Related reports

FX View - Headline unemployment rate creates dollar shocker by Interactive Brokers LLC
Fri, Nov 6 2009, 18:41 GMT

Forex Daily Overview - USD mixed, unemployment rises to 10.2% by Easy Forex
Fri, Nov 6 2009, 18:31 GMT

Weekly Market Commentary - Fed, BOE and ECB kept rates on hold by Mizuho Corporate Bank
Fri, Nov 6 2009, 15:45 GMT

Forex Daily Analysis - USDJPY is moving towards support level at 89.55 by Investija.com
Fri, Nov 6 2009, 14:35 GMT

Forex Technical Report - U.S. Markets Brace for Jobs Data by ForexHound.com
Fri, Nov 6 2009, 13:29 GMT

eurusd, ecb, centralbanks, stocks

View All

Related content


Interested in forex trading? forex brokerage firms!


FX Solutions LLC
Contact the broker/FDM
Open a demo account
MG Financial Group
Contact the broker/FDM
Open a demo account
Alpari (UK) Limited
Contact the broker/FDM
Open a demo account
FXDD
Contact the broker/FDM
Open a demo account
Alpari (US), LLC
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.