By FXEmpire.com
Analysis and Recommendations:
Silver spent the day following gold around like a lost little sister, every move gold made today, silver did the same. Spot silver prices slipped sharply by more than 2 percent today taking cues from fall in gold prices coupled with strength in the US dollar index. Silver being an industrial metal also took cues from downside in base metals pack. The white metal was trading at $ 29.23/oz
The markets today, were all about risk aversion and flights to safety, as the USD and the JPY climbed to recent highs and US dollar commodities declined.
Global markets are trading lower today as mounting worries over political turmoil in Europe led to increase concerns over global economic growth. US stock futures are also trading in the red in today’s trade. Escalating tensions over Euro Zone debt worries and rising political concerns in the region has led rise in risk aversion in the global markets today. This exerted downside pressure on spot silver prices and led silver to trade lower by 1.2 percent by mid day. Additionally, a stronger dollar also acted as a negative factor for prices.
Watch these upcoming events closely
|
May 10 |
TBD |
CNY |
Chinese Trade Balance |
7.93B |
5.35B |
|
13:30 |
USD |
Trade Balance |
-50.0B |
-46.0B |
|
|
13:30 |
USD |
Initial Jobless Claims |
369K |
365K |
|
|
13:30 |
USD |
Continuing Jobless Claims |
3278K |
3276K |
|
|
14:30 |
USD |
Fed Chairman Bernanke Speaks |
|||
|
19:00 |
USD |
Federal Budget Balance |
30.0B |
-198.2B |
|
|
May 11 |
02:30 |
CNY |
Chinese PPI (YoY) |
-0.3% |
|
|
02:30 |
CNY |
Chinese CPI (MoM) |
0.2% |
||
|
06:30 |
CNY |
Chinese Fixed Asset Investment (YoY) |
20.9% |
||
|
06:30 |
CNY |
Chinese Industrial Production (YoY) |
11.9% |
||
|
06:30 |
CNY |
Chinese Retail Sales (YoY) |
15.2% |
||
|
13:30 |
USD |
Core PPI (MoM) |
0.3% |
||
|
13:30 |
USD |
PPI (MoM) |
0.0% |
||
|
14:55 |
USD |
Michigan Consumer Sentiment |
76.4 |
Click here a current Silver Chart.
Originally posted here
