Gold and Silver Outlook for October 8th

The gold and silver market continues to seek direction and much like last week, prices of precious metals have changed direction from Friday and bounced back. Their recent rally coincided with the recovery of the Euro against the USD. The U.S government shutdown continues and it seems that investors and traders have taken a step back until the uncertainty around this situation will be resolved. Will gold and silver continue to rise today? On today’s agenda: Switzerland’s CPI, German Factory Orders, Canadian Trade Balance, SNB Chairman Jordan's Speech, and Minutes of Bank of Japan’s Monetary Policy Meeting.

On Monday, gold sharply rose by 1.16% to $1,324.9; Silver also spiked by 2.91% to $22.36. During October, gold decreased by 0.14%; silver rose by 3.13%. In the chart below are the normalized prices of bullion for 2013 (normalized to 100 as of September 18th). The prices of gold and silver have haven’t done much in the past recent weeks. 

The ratio between the two precious metals declined again on Monday to 59.25. During October, the ratio decreased by 3.17% as silver has slightly out-performed gold. 

On Today's Agenda

Switzerland’s CPI: In the last report, the consumer price index slipped by 0.1%; this was the second consecutive in which the CPI declined; if the CPI continues to fall, this may eventually affect the Swiss National Bank’s monetary policy;

German Factory Orders:. In the last update, the factory orders fell by 2.7% during August;

Canadian Trade Balance:In the previous report regarding July 2013, exports declined by 0.6% and imports grew by 0.6%; as a result, the trade balance’s deficit widened from $460 million in June to $931 million in July; this report may affect the Canadian dollar;

For further reading:

Gold and Silver Outlook for October 2013

Gold and Silver Weekly Forecast for October 7-11

Views: 43


You need to be a member of Forex Social Network to add comments!


© 2020   Created by FXStreet.   Powered by

Badges  |  Report an Issue  |  Terms of Service