Gold & Silver Prices - Daily Outlook January 3

Gold and silver ended the last day of 2011 on a positive note and rose after they had declined during most of December. Will the recent rally in precious metals continue today, the first business day of 2012? Today, Great Britain Manufacturing PMI report will be published, U.S. Manufacturing PMI and the minutes from the recent FOMC meeting.

For the complete daily gold price and silver price forecast for January 3rd sees here in Trading NRG

Gold bounced back and rose on Friday by 1.68% to $1,566.8; silver also followed and inclined by 2.2% to reach $27.92. In the chart are gold and silver changes throughout December (normalized gold and silver to November 30th 2011).

 On Today’s Agenda

FOMC Meeting Minutes: Following the recent FOMC meeting, in which it was decided to keep the interest rates low and didn’t present a news stimulus plan, the market soon reacted to this news as gold and silver prices sharply declined. The minutes of the FOMC meeting might bring some insight regarding the next steps of the FOMC in 2012 (see here FOMC meeting);

U.S. ISM Manufacturing PMI: This report will present the monthly change in manufacturing sector on a national level for December 2011. During November the index sharply rose to 52.7% a 1.9 per cent point increase compared to October’s index; this index might affect Forex markets (see here my review of last report);


Forex / Gold & Silver–January/ December

The Euro/USD remained unchanged on Friday at 1.2961, while other Forex exchange rates such as the AUD moderately appreciated against the USD. If major currencies will continue to appreciate against the USD, it may also pressure up gold and silver.

For further reading:

Gold and Silver Prices Outlook for January 2012

 Gold and Silver Prices Weekly Outlook for January 2-6

Weekly Outlook for 2-6 January

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About the Author: Lior Cohen, M.A in Economics, a commodities analyst and blogger at Trading NRG.

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