Gold and Silver Outlook for June 7
Submitted by Trading NRG as part of our contributors program.
The recent “non decision” of ECB President, in which he decided to keep the ECB’s cash rate unchanged helped pull up the “risk related currencies” including the Euro and Aussie dollar. BOE also left its policy unchanged. In the U.S jobless claims slipped to 346k. This news may have contributed to the sudden recovery of commodities prices including gold and silver prices. The main U.S event of the week will unfold today: non-farm payroll report (update: employment rose by 175k). On today’s agenda:Canada’s employment report,China’s CPI andChina’s Trade Balance.
On Thursday, gold increased again by 1.24% to $1,415.8; Silver also rose by 1.05% to $22.71. During June, gold rose by 1.67%; silver, by 2.15%.
- With Smartphone Market Recovering, What To Expect From Qualcomm’s Q2 Results?
- Will United Airlines Stock Continue To See Higher Levels After A 20% Rise Post Upbeat Q1?
- Up 8% This Year, Why Is Costco Stock Outperforming?
- Down 7% In A Day, Where Is Travelers Stock Headed?
- What’s Next For Johnson & Johnson Stock After Beating Q1 Earnings?
- Should You Pick UnitedHealth Stock At $480 After A Q1 Beat?
On Today’s Agenda
China‘s Trade Balance: based on the recent monthly report,China’s trade balance rose to an $18.2 billion surplus;
Canada‘s Employment Report: In the latest employment update for April 2013, unemployment remained unchanged at 7.2%; the employment rose by 12.5k during the month;
U.S. Non-Farm Payroll Report: in the latest update for April 2013, the labor market increased again: the number of non-farm payroll employment rose by 165k; the U.S unemployment rate inched down to 7.5%; if in the upcoming report the employment will rise again by over 150 thousand (in additional jobs), this may lower the prices of precious metals (see here my last review on the U.S employment report);
For further reading: