Guest Commentary: Gold & Silver Daily Outlook 05.17.2012

Gold and silver tumbled down again during yesterday along with other commodities prices. On today’s agenda: U.S. Jobless Claims Update, Philly and Fed Manufacturing Survey.

Gold and silver tumbled down again during yesterday along with other commodities prices. On today’s agenda: U.S. Jobless Claims Update, Philly and Fed Manufacturing Survey.

As stated in the weekly gold outlook there are many items on today’s agenda: the minutes of April FOMC meeting, U.S housing starts report, ECB President speaks, Euro Area Annual Inflation and BOE Inflation Report .

With the Greek situation starting to unravel quickly, the market has become susceptible to quick moves in reaction to headlines. Shortly after 15:00 one of those moments occurred, with Reuters reporting that the European Central Bank has cut funding to Greek banks; the EURUSD slid back under 1.2700 briefly
Gold and silver declined again yesterday and thus both metals were traded down in eight out of the ten business days in May (so far). On today’s agenda: Euro Area GDP for Q1 2012 , German and Euro Area ZEW economic sentiment reports, U.S Core CPI and U.S. TIC Long Term Purchases

Gold, Silver Rise as US Dollar Pulls Back After Eurozone GDP Data

The Aust dollar rose back above parity with the US dollar after it got a boost in late afternoon trade.

THE Australian dollar rose back above parity with the US dollar after it got a boost in late afternoon trade on official data showing Germany avoided a recession.

Gold speculators remain long but hold the smallest long position since late 2008, when gold was in the midst of a nearly 30% decline.

Senior Currency Strategist John Kicklighter discusses the top fundamental themes for the coming week of trading. These sessions are held live every Monday at 15:00 GMT.

Euro Dollar has broken down to the month old target so aggressively should we change our trading strategy? No!