Silver Fundamental Analysis May 24, 2012, Forecast

By FXEmpire.com

Analysis and Recommendations:

Silver followed gold closely today, falling 0.961 to trade at 27.218. European stocks declined today on the back of rise in risk aversion in global markets. Asian markets also ended its trading session in the red and US stock futures are trading on a negative note as the Congressional Budget Office said that the US economy could slip into recession if necessary budget actions are not implemented.

Spot gold prices declined by 0.5 percent today on account of strength in dollar index. The yellow metal hovered around $1540/oz.

Taking cues from fall in gold prices and downside in base metals, Spot silver prices declined around 1.3 percent today. Additionally, strength in dollar index also exerted downside pressure on prices of the commodity. The white metal was trading around $27.21/oz

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data for May 23, 2012 actual v. forecast

Date	Currency	Event	Actual	Forecast	Previous
May 23	JPY	Trade Balance	-0.48T	-0.60T	-0.62T
JPY	Interest Rate Decision	0.10%	0.10%	0.10%
GBP	Retail Sales (MoM)	-2.3%	-0.8%	2.0%
GBP	Retail Sales (YoY)	-1.1%	1.0%	3.1%
EUR	Industrial New Orders (MoM)	1.8%	-0.1%	-1.2%
GBP	CBI Industrial Trends Orders	-17	-10	-8
CAD	Core Retail Sales (MoM)	0.1%	1.0%	0.4%
CAD	Leading Indicators (MoM)	0.3%	0.3%	0.3%
CAD	Retail Sales (MoM)	0.4%	0.4%	-0.2%
USD	New Home Sales	343K	335K	332K

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

May 24	6:00	CHF	Trade Balance	1.69B
	7:00	EUR	French Flash Manufacturing PMI	46.9
	7:00	EUR	French Flash Services PMI	45.2
	7:30	EUR	German Flash Manufacturing PMI	46.2
	7:30	EUR	German Flash Services PMI	52.2
	8:00	EUR	German Ifo Business Climate	109.9
	8:00	EUR	Flash Manufacturing PMI	45.9
	8:00	EUR	Flash Services PMI	46.9
	8:30	GBP	Retail Sales m/m	1.8%
	8:30	GBP	Revised GDP q/q	-0.2%
	8:30	GBP	BBA Mortgage Approvals	31.9K
	8:30	GBP	Prelim Business Investment q/q	-3.3%
	12:30	USD	Unemployment Claims
	12:30	USD	Durable Goods Orders m/m	-4.0%
	13:00	EUR	Belgium NBB Business Climate	-10.7
May 25	6:00	EUR	GfK German Consumer Climate	5.6
	7:15	CHF	Employment Level	4.04M
	TBD	ALL	G8 Meetings
	13:55	USD	Revised UoM Consumer Sentiment

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Originally posted here