Silver Fundamental Analysis forecast for next week
NEW YORK (Aug 16) Analysis and Recommendations:
Silver eased a bit today and gave up early gains to trade at 22.932 after moving over the $23 price level in the morning session. Silver spot prices at the COMEX traded at $22.99, up 5.10% while silver September futures prices were at $22.94, up 5.27%. US initial jobless claims declined which supported dollar index however the TIC flows decreased along with the Philadelphia index pressurized US dollar and supported silver prices to rise. This would have increased the speculation that Fed might not consider tapering in the near future which supported silver prices. Markets seemed to have little reaction to disappointing housing and building permits data today, as traders await consumer confidence at the end of the day. Traders can expect the optimism to continue in commodity prices. Bullion and energy prices might continue to remain higher while base metals might show volatility in prices.
(Courtesy of FXEmpire)