Here is a short overview of the recent changes in gold and silver prices during the week of February 20th to February 24th; this includes a short description of the developments in the markets that were related to the changes in precious metals markets; in the analysis in I use charts and highlight the main news items that may have affected the direction of gold and silver prices during the week.
The news from the beginning of last week of the Euro Zone ministers of finance approving the bailout package for Greece brought back some stability to the financial markets. Not only gold and silver rose during last week, but also the Euro, and other commodities prices were traded up. On the other hand, the news of the slight gain in the U.S. home sales may have curbed the rally of precious metals prices.
The Euro sharply rose against the USD, while other “risk” currencies such as the Aussie dollar and Canadian dollar slightly depreciated against the U.S. dollar during the week. This shift in the direction of the Euro/U.S. dollar may have helped the rally 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 path of gold and silver prices during the week of February 27th to March 2nd; 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: U.S. pending home sales report, Bernanke’s testimony in the House of Representatives on the monetary policy of the Fed China’s manufacturing PMI, U.S Consumer confidence report, U.S.’s ISM manufacturing PMI and U.S. jobless claims weekly update (just to name a few).
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