Gold and Silver Outlook for September 6th
Submitted by Trading NRG as part of our contributors program.
Despite the many news items on yesterday’s agenda including the ECB’s rate decision there were little changes in policy or surprises: ECB, as expected, didn’t change its policy and left the basic interest rate flat. But the main issue was Draghi’s press conference in which he voiced his concern about the recovery of the EU economy. This news may have contributed to the weakening of the Euro against the USD. In the U.S the non-manufacturing PMI report was positive as the index spiked to 58.6 in August. Jobless claims fell by 9k to reach 323k; for August, ADPestimates number of jobs added was 176k – if tomorrow’s figure will exceed this benchmark this could pull up the USD and drag further down gold and silver prices. Will gold and silver bounce back? Update: Non-farm payroll rose by 169k. On today’s agenda: U.S. Non-Farm Payroll Report, Canada’s Employment Report, Great Britain Manufacturing Production, and Canada’s Ivey PMI.
On Thursday, gold declined again by 1.22% to $1,372.60; Silver also decreased by 0.72% to $23.22. During September, gold decreased by 1.66%; silver, by 1.12%.
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On Today’s Agenda
U.S. Non-Farm Payroll Report: in the previous employment report for July 2013, the labor market slightly rose: The number of non-farm payroll employment rose by 162k ? lower than the number many had anticipated; the U.S unemployment rate slipped to 7.4%; if in the upcoming report the employment will rise again by over 180 thousand (in additional jobs ? the ADP estimated 176k), this may pull down the prices of gold and silver;
Canada‘s Employment Report: In the previous employment update for July 2013, unemployment remained inched up to 7.2%; the employment fell by 39.4k during last month. The next report might affect the Canadian dollar and consequently bullion;
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