Week Ahead Commodity Report: Gold, Silver & Oil Price Forecast [Video]

Phil Carr The Gold & Silver Club

The US dollar tumbled on Friday from a 2-year high, accelerating a fall which began on Thursday after a report showed manufacturing activity hit its lowest level in almost a decade.

Meanwhile gold prices were propelled higher, rising more than 1% for a weekly gain, propped up by the weaker US dollar.

Oil prices also rose more then 1% on Friday but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the Global economy.

Hedge funds and money managers cut their net long positions in U.S. Crude futures in the latest week.

Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold, Silver and Crude Oil with the latest price forecast and predictions:

Author

Phil Carr

The Gold & Silver Club

Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.