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Precious Metals Analysis Forecast, June 05, 2015 – Forecast – Gold, Silver & Platinum

gold thursday bnsAnalysis and Recommendations (Precious Forecast):

Gold continued to slide giving up $2.10 as traders are just not interested in precious metals at this time. Gold is down to 1182.80 while Silver slid just 48 points to 16.432 and Platinum recovered earlier losses to trade at 1106.20 as the cheap price and the weak dollar made this a great bargain.   Precious metals are edging lower despite the weaker dollar and gold looks on course to retest support at $1,180, with further potential support at $1,170. Optimism over Greece may be weighing on prices and the correction in the bond market might be worrying investors as higher yields will offer a better investment once the rout in bonds has run its course. We would not have been surprised to see some rotation from bonds to bullion during the correction, especially as the dollar is weaker, but that might be a secondary reaction.

The weaker silver price led the precious metals lower with a 1.9 percent drop to $16.46, the complex as a whole dropped 1.2 percent with gold off 0.7 percent at $1,184.80 – the weakness came despite a weaker dollar that saw the dollar index drop to 95.21 and a further rout in bonds. It appears as though the market is confident that an intermediate solution to Greece’s nearby payment schedule will be reached – the market seems to be relying on the usual policy that an 11th hour agreement will be reached.

ForexTraq provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information for Precious in our weekly reports.

Today’s economic releases actual vs. forecast:

Cur.

 

Event

Actual

Forecast

Previous

 

  JPY

 

BoJ Governor Kuroda Speaks  

 

 

 

 

 

  AUD

 

Retail Sales (MoM) (Apr)

0.0%

0.4%

0.2%

   

  AUD

 

Trade Balance (Apr)

-3.888B

-2.250B

-1.231B

   

  GBP

 

Halifax House Price Index

-0.1%

0.3%

1.6%

 

 

  GBP

 

Halifax House Price Index

8.6%

8.5%

8.5%

 

 

  GBP

 

BoE QE Total (Jun)

 

375B

375B

 

 

  GBP

 

Interest Rate Decision (Jun)

 

0.50%

0.50%

   

 Gold(60 minutes)20150604042930

Upcoming Economic Events that you should be monitoring:

Friday, June 05, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

  USD

 

Nonfarm Payrolls (May)

 

225K

223K

 

 

  USD

 

Unemployment Rate (May)

 

5.4%

5.4%

 

 

  CAD

 

Employment Change (May)

 

10.0K

-19.7K

   

Government Bond Auctions

Date Time Country

Jun 08 12:00 Norway Details bond auction on 10 Jun

Jun 08 17:30 Italy Announces details of BTP/CCTeu on 11 June

Jun 09 11:10 Austria Holds RAGB bond sale

Jun 09 11:30 UK Auctions 0.125% 2024 I/L Gilt

Jun 10 11:15 Norway Holds bond auction

Jun 10 11:30 Germany Eur 5bn Jun 2017 Schatz

Jun 10 16:30 Sweden Details bond auction on 17 June

Jun 11 11:30 Spain Auctions Bonos

Jun 11 11:10 Italy Auctions BTPs/CCTeus

Jun 11 11:10 Sweden Holds inflation-linked bond auction

Jun 11 11:30 UK Auctions 3.5% 2045 Conventional Gilt

Jun 11 17:00 US Announces details of 30-year TIPs sale on 18 Jun

 

Precious analysis forecast

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