Gold & Silver - Daily Forecast November 1

Gold and silver sharply fell on the last day of October after they had risen during recent weeks. Today the FOMC meeting will commence; the statement of the FOMC decisions followed by Bernanke’s press conference will be held tomorrow. Furthermore today, the U.S. Manufacturing PMI report will be published and Great Britain’s GDP growth rate report for Q3 2011.

Gold sharply fell on Monday by 1.26% to $1,725.2; silver also declined by 2.65% to $34.35. The chart below shows the changes in gold and silver. During October, gold increased by 6.3% and silver by 14.2%.The Euro/USD sharply fell on Monday by 2.04% to reach 1.3858 – the lowest level since October 20th.The S&P500 sharply fell on Monday by 2.47% to reach 1,253.8; during October the S&P500 added 10.77% to its value.

For the complete report silver and gold prices outlook for November 1st see here in Trading NRG

On Today’s Agenda:

U.S. ISM Manufacturing PMI: This report will present the change in manufacturing sector on a national level during October. In September the index grew to 51.6% a one per cent point increase; this index might affect traders of Forex, and commodities (see here my review of last report);

GB GDP Q3 2011: This report examines the quarterly growth rate of the British economy during the third quarter; during the previous quarter the GB economy grew by only 0.2%;

For further reading:

Weekly Outlook for October 31 – November 4

Did the Liquidity Trap Cause the Hike in Gold Price?

Gold & Silver Prices | Weekly Recap 24-28 October

Previous Re pots:

Gold & Silver Prices – Daily Outlook October 31

 Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.

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