Daily Outlook for May 9th
Gold and silver prices tumbled down yesterday and at least for gold yesterday’s decline by over 2% was the sharpest single day fall since April 4th when the FOMC minutes
of the previous meeting was published. This time the tumble may have
been stem from the recent developments in Europe as stated above. In
many cases in the past after a sharp fall, there used to be a
correction. I speculate that all things being equal gold and silver prices will continue with their general downward trend during the day.
Here is a reminder of the top events and reports that are planed for today and tomorrow (all times GMT):
09/05/2012
00:30 – Japan Current Account
15:30 – U.S Crude Oil Stockpiles Report
18:00 – 10 Year Bond Auction
2:30 – Australia Rate of Unemployment
10/05/2012
Tentative –China’s Trade Balance
Tentative –OPEC Monthly Report
12:00 – Great Britain Bank Rate & Asset Purchase Plan
13:30 –American Trade Balance
13:30 –Canadian Trade Balance
13:30 – U.S. Department of Labor– Jobless Claims Weekly Report
15:30 – EIA U.S. Natural Gas Storage Report
Source; http://www.tradingnrg.com/gold-prices-outlook-silver-price-forecast-wednesday-may-9th-2012/
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