Here is a short overview of the recent developments in gold and silver prices during the week of February 27th to March 2nd; this includes a short description of the main news items and events that may have stirred up the markets and were related to the sharp shifts in precious metals prices; in this analysis I use charts and examine how if any last week’s events and reports affected the direction of gold and silver prices during last week.
The main event that stirred up not only the metals markets but also other financial markets such as the forex and crude oil markets was the recent testimony of Bernanke.
Another big headline that stirred up the forex and commoditisers markets was the announcement of ECB that it will allot €529.5 billion to LTRO rescue fund– this was higher than expected and may have also affected Euro/USD.
The Euro sharply fell against the USD, while other “risk” currencies such as the Australian dollar and Canadian dollar appreciated against the U.S dollar during the week. This shift in the direction of the Euro/U.S. dollar may have dragged down gold and silver prices during last week.
The video link above provides a broad outlook for the major news and events that might affect the direction of gold and silver prices during the week of March 5th to March 9th; the video includes reviewing the main reports, events, decisions and news items to be published during the upcoming week. Some of these reports and events include: European Central Bank rate decision, U.S. non-farm employment and unemployment rate monthly update, Canada’s employment monthly update, U.S. factory orders report, China’s consumer price index, Australia’s GDP U.S.’s non-manufacturing PMI and U.S. jobless claims weekly update (just to name a few).
For further reading: