Gold And Silver Outlook for June 13
Submitted by Trading NRG as part of our contributors program.
Gold and silver prices continue to seek direction as both precious metals bounced back yesterday. Their rally coincided with the fall of U.S equity markets. On the other hand, leading currencies including the Euro and Aussie dollar rallied against the USD, which may have contributed to the recent recovery of bullion rates. Today, however, the Asian equity markets tumbled down. Moreover, the Japanese yen plummeted against the USD. This turn of events may drag along with it bullion rates today. Will gold and silver resume their downward trend today? On today’s agenda: Australia Employment Report, ECB Monthly Bulletin, Italian 10 Year Bond Auction, U.S. Jobless Claims, U.S. Retail Sales and Japan’s monetary policy meeting.
On Wednesday, gold bounced back by 1.09% to $1,392.1; silver also rallied by 0.69% to $21.80. During the month, gold declined by 0.04%; silver, by 1.94%.
On Today’s Agenda
Australia Employment Report: in the recent report regarding April 2013 the rate of unemployment slipped to 5.5%; the number of employed (seasonally adjusted) increased by 50,100 people (see here the recent report);
U.S. Jobless Claims: in the pervious report the jobless claims fell by 11k to reach 346k; this forthcoming weekly report may affect the U.S dollar and consequently commodities and equities markets;
U.S. Retail Sales Report: this report will show the monthly changes in the retail sales and food services for May; in the recent report regarding April, the retail sales inched up by 0.1% from the previous month;
Currencies / Bullion Market – June Update
The Euro/ USD slightly rose on Wednesday by 0.19% to 1.338. During the month, the Euro/USD increased by 2.61%. Further, other currencies such as the Aussie dollar and Japanese yen also appreciated yesterday against the U.S dollar by 0.63% and 0.01%, respectively. The correlations among gold, silver, Euro and Aussie dollar strengthened in recent months. If these correlations will hold up, the movement in the forex markets could also affect precious metals rates.
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