Gold & Silver Prices – Daily Forecast October 20

Gold and silver ended the trading yesterday slipping again along with other major commodities and the stock markets; some consider the recent liquidity problems in Europe may have helped pull down the commodities market including gold Today, U.S. Jobless claims report will be published; the U.S. existing home sales, and the Philly Fed Manufacturing Index.

For the complete report silver and gold prices outlook for October 20th see here in Trading NRG

On Today’s Agenda:

U.S. Jobless Claims: initial claims slipped by 1,000 to 404,000 claims for the week ending on October 8th; the number of insured unemployment reached 3.724 million, a decrease of 21,500 during the week of October 1st; this report could affect commodities traders;

U.S. Existing Home Sales: This report will show the major changes in U.S. existing home sales during September 2011; in August the number of homes sold inclined by 7.7% (see here the recent review);

Philly Fed Manufacturing Index: This survey provides an indicator for the economic progress of the US economy as it measures the manufacturing conditions of the US. In September, the index inclined from -30.7 in August to -17.5 in September. This index may affect not only the USD but also gold and silver (see here last report);

U.S CPI Slightly Inclined in September

The U.S inflation for September 2011 rose by 0.3% or in annual terms by 3.9%. The CPI without food and energy also rose by only 0.1% during September and 2% in the past twelve months.   This news may have slightly affected the trading of Forex and commodities markets. The bigger news came from the housing market:

 U.S Housing Starts Sharply Rose in September

During September privately owned housing starts sharply inclined in to a seasonally adjusted annual rate of 658,000 a 15.0% increase.

On the other hand the seasonally adjusted annual rate of building permits for privately owned housing reached in September 594,000 – a 5.0% decrease. The news of the housing starts may have curbed some of the falls on Wall Street, but the panic regarding the European debt crisis continues to affect more than other news the shifts in the financial markets. 

For further reading: Gold and Silver Prices Monthly Outlook for October 2011

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

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