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Precious Metals Analysis Forecast, May 22, 2015 – Forecast – Gold, Silver & Platinum

Precious Metals Fundamental Analysis, May 22, 2015 - Forecast - Gold, Silver & Platinum

Precious Metals Fundamental Analysis, May 22, 2015 – Forecast – Gold, Silver & Platinum

Analysis and Recommendations (Precious Forecast):

Gold traded at 1208.90 with little direction or conviction today. Silver gained 65 points to 1717.90 and Platinum moved following cues from gold to hold at 1157.75. Gold held above $1,200 an ounce on Thursday as minutes from the Federal Reserve’s policy meet showed the U.S. central bank was unlikely to hike interest rates in June, in line with market expectations.  

Minutes of the Fed’s April meeting, released on Wednesday, showed policymakers believed it would be premature to hike interest rates in June, a view that is already widely held in the market following disappointing U.S. economic data.  The minutes showed Fed officials pushing the prospect of a rate hike later into the year.

The COMEX Gold futures dropped near $1200 per ounce as the US dollar maintained a fabulous upswing. The dollar gained sharply after European Central Bank (ECB) Executive Board member Coeure said that the central bank would moderately front-load its purchases in its bond-buying program because of less market liquidity in the summer and that this move wasn’t due to market conditions. The dollar has eased a bit from its three week high but trades firm around 1.1126 against the Euro right now.

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

 

  CNY

 

HSBC Manufacturing PMI

49.1

49.3

48.9

 

 

  EUR

 

German Manufacturing PMI

51.4

52.3

52.1

 

 

  EUR

 

German Services PMI (May)  

52.9

53.9

54.0

 

 

  EUR

 

Manufacturing PMI (May)  

52.3

52.0

52.0

 

 

  EUR

 

Markit Composite PMI (May)  

53.4

53.8

53.9

 

 

  EUR

 

Services PMI (May)  

53.3

53.9

54.1

 

 

  GBP

 

Core Retail Sales (MoM) (Apr)

1.2%

0.3%

0.2%

 

 

  GBP

 

Core Retail Sales (YoY) (Apr)

4.7%

3.7%

4.8%

   

  GBP

 

Retail Sales (MoM) (Apr)

1.2%

0.4%

-0.7%

   

  GBP

 

Retail Sales (YoY) (Apr)

4.7%

3.8%

4.0%

   

  GBP

 

CBI Industrial Trends Orders

-5

3

1

 

 

  EUR

 

ECB Monetary Policy Meeting  

 

 

 

   

 gold silver thurs

Upcoming Economic Events that you should be monitoring:

Friday, May 22, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

  EUR

 

German GDP (QoQ) (Q1)

 

0.3%

0.3%

 

 

  JPY

 

BoJ Press Conference  

 

 

 

 

 

  EUR

 

German Ifo Business Climate Index (May)

 

108.3

108.6

 

 

  EUR

 

ECB President Draghi Speaks  

 

 

 

 

 

  GBP

 

BoE Gov Carney Speaks  

 

 

 

 

 

  USD

 

Core CPI (MoM) (Apr)

 

0.2%

0.2%

 

 

  CAD

 

Core CPI (MoM) (Apr)

 

0.2%

0.6%

 

 

  CAD

 

Core Retail Sales (MoM) (Mar)

 

0.4%

2.0%

 

 

  GBP

 

BoE Gov Carney Speaks  

 

 

 

 

 

  EUR

 

ECB President Draghi Speaks  

 

 

 

 

 

  USD

 

Fed Chair Yellen Speaks  

 

 

 

   

Government Bond Auctions

Date Time Country

May 21 08:30 Spain Auctions Bonos

May 21 09:03 Sweden Holds bond exchange auction

May 21 09:10 France Auctions BTANs

May 21 09:30 UK Auctions 4.75% 2030 Conventional Gilt

May 21 10:10 France Auctions

May 21 15:30 Italy Announces details of CTZ/BTPei on 26 May

May 21 15:00 US Announces details of 2-year FRN on 27 May, plus 2/5/7 year

May 21 17:00 US Auctions 10-year TIPs

May 22 09:03 Sweden Holds bond exchange auction

May 22 10:00 Norway Details bond auction on 27 May

 

Precious analysis forecast

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