Gold and Silver Outlook for November 5-9

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Submitted by Trading NRG as part of our contributors program .

The prices of gold and silver continued last week their downward trend. Will this downward trend progress this week? The U.S manufacturing PMI edged up during October to reach 51.7%; jobless claims decreased by 9k to reach 363k. These reports may have contributed to downfall of precious metals rates. Further, the U.S non-farm payroll may have had a negative effect on precious metals prices and other commodities prices on Friday. During the last week, the Euro/USD declined by 0.83%; further, the Aussie dollar also depreciated against the USD by 0.36%. This downward trend may have contributed to the decline of bullion rates.

The main reports and events that may affect the bullion markets are: U.S Presidential elections, Euro-group meeting, U.S trade balance report, China's CPI, RBA rate statement, ECB rate decision, and U.S. jobless claims.

The recent publication of the U.S non-farm payroll report, in which 171,000 jobs were added during October and the rate of unemployment edged up to 7.9%.

This news may have contributed to the sharp fall in the prices of gold and silver on Friday. This positive report might also lower the chances of the Fed intervening again in the financial markets.

The video report herein has an outlook of gold and silver for the main publications and events that may affect precious metals during November 5th and November 9th. Some of these reports include:

Tuesday, U.S Presidential Elections: This news is likely to crowd out other news items and so the financial markets might be working light on that day;

Thursday, Euro-group Meeting: The Euro-group Meeting will be held in Brussels and the EU ministers of finance will talk over the recent political and monetary developments in Europe; in the last meeting there was little headway and the market didn't react to the news coming out of this meeting;

Thursday, ECB Press Conference and Euro Rate Decision: The last time the ECB decided to reduce its cash rate was back in July when President of ECB lowered the EU interest rate by 0.25pp to 0.75%. Since many EU countries are still struggling, and since the FOMC announced in September of QE3, ECB might decide to make another rate reduction in the near future by another 0.25pp. If ECB will cut the rate again, it may affect the Euro.

Thursday, American Trade Balance: according to the previous American trade balance report regarding August the goods and services deficit rose during the month to $44.2 billion.

For further reading:

Gold and Silver Prices Outlook for November

Weekly Outlook Financial Markets for November 5-9



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Investing Ideas , Stocks , US Markets

Referenced Stocks: ABX , GG , NEM , RIO , SLW

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