Gold And Silver Prices – Outlook For September 12

Daily Outlook for September 12th

The prices of bullion didn’t do much yesterday while other major currencies pairs such as Euro/USD traded sharply up. I suspect the volatility will pick up during the day as forex and commodities traders are waiting for the German court ruling statement. Assuming there won’t be surprises, this decision is likely to pull up the Euro and consequently gold and silver prices will follow. Today’s publication of the Euro Area industrial production might have some effect on the Euro. If this report will show little progress it could pull down precious metals prices. Today the FOMC will commence its two day meetings, and tomorrow the FOMC will publish its decision – whether there will be another QE program. My guess is that the FOMC won’t announce just yet of QE3 even though the market already expects that. Even if there won’t be a decision on QE3 only another strong hint for a near future decision to implement QE3, bullion may also rise. I have examined the relation between the speculations between QE3 news and the price of gold.  

Here is a reminder of the top events and publications that are scheduled for today and tomorrow (all times GMT):

Today
10:00– Euro Area Industrial Production
Tentative – German High Court Ruling on EMS
18:00 – U.S 10 Year Bond Auction

Tomorrow
08:30 – Libor Rate of Swiss National Bank
08:30 – SNB Press Conference
9:00 – ECB Monthly Bulletin
13:30 – U.S. Jobless Claims Weekly Update
13:30 – U.S. Producer Price Index
Tentative – Italian 10 Year Bond Auction
Tentative – GB 10 Year Bond Auction
19:30 – FOMC Meeting (Statement)

Source; http://www.tradingnrg.com/gold-and-silver-prices-outlook-wednesday-september-12th-2012/