Here is a short overview of the recent changes in gold and silver prices during the week of March 19th to March 23rd and a forecast for the upcoming week of March 26th to March 30th; this includes a short description of the main news items, public speeches, and events that may have affect precious metals prices during last week; in this analysis I use charts and a fundamental analysis to analyze how (if at all) last week’s events and financial publications affected the direction of gold and silver prices.
During last week, gold price edged up by 0.4% while silver price slipped by 1.02%; thus the prices of precious metals were very close to their level from a week back.
During last week the flash estimates of China and Europe’s manufacturing PMI were released and didn’t look well. This news may have pulled down gold and silver prices. The protests in India regarding the new tax on gold didn’t help the gold prices as well.
On the other hand there were several U.S reports about the real estate market that didn’t show progress including the decline in new home sales, existing home sales, and a 1.1% decrease in housing starts during last month. All these report may have weakened the U.S dollar mainly against the Euro and consequently may have helped precious metals prices to remain high.
The Euro edged up again against the U.S dollar during last week by .71% (on a weekly scale); on the other hand, other “risk” currencies such as the Australian dollar and Canadian dollar depreciated against the U.S dollar during said time. The opposite direction of the Euro/USD compared with the direction of AUD/USD and USD/CAD may have been among the factors to pull gold and silver prices into different directions and thus present an unclear trend during last week.
The video link above provides a broad forecast for the main news, public speeches and events that may influence gold and silver traders during the week of March 26th to March 30th; the video includes reviewing the main reports, events, decisions and news items that will come out during the upcoming week. Some of these reports and events include: U.S. pending home sales, Great Britain current account, U.S. final GDP, Great Britain final GDP, Canada’s GDP, Bernanke’s speech, ECB President speech, EU M1, M3 and private loans development, German business climate, China’s manufacturing PMI, and U.S. jobless claims weekly update (just to name a few).
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