Here is a short recap of the developments in gold and silver prices during the week of February 13th to February 17th; this overview includes a short description of the changes in the markets that were related to the recent changes in precious metals prices; in the analysis in I use charts and I highlight the main news items that may have influenced gold and silver traders during the week.
The announcement of Moody’s to downgrade the credit rating of several EU countries didn’t seem to affect many traders. Furthermore, the decline of the EU GDP by 0.3% during the fourth quarter of 2011 was also something that didn’t seem affect traders; during last week there were several U.S. reports that came out and showed a slight improvement in the economic situation including an increase in the Philly Fed index, housing starts and U.S. retail sales. Nevertheless, these reports didn’t seem to have much of an effect on precious metals prices.
The Euro slightly declined against the USD, while other “risk” currencies such as the Australian dollar appreciated against the U.S. dollar during the week. This shift in the direction of the U.S. dollar may have also been responsible for the changes in the direction of gold and silver prices during last week.
The video link above presents a broad outlook for the major news and events that might affect the direction of gold and silver prices during the week of February 20th to February 24th; the video includes reviewing the main reports, events, decisions and news items to be published during the upcoming week. Some of these financial reports include: U.S. new home sales monthly update, China’s manufacturing PMI for February (flash report) by HSBC, Governor Stevens of the Reserve Bank of Australia will testify, a G20 summit, the minutes of the recent meeting of the monetary policy committee of Bank of England, U.S. existing home sales monthly report and U.S. jobless claims weekly update (just to name a few).
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