Source: ForexYard
Both gold and silver have recently enjoyed some gains whilst other markets including U.S Stocks and energy commodities moved in the opposite direction.The energy markets as well as U.S Stocks are closely connected to precious metals, and therefore it is not likely that we will continue to see a drop in these markets for much longer.
The price of the yellow metal climbed 1.02 percent to reach the $1,660 level whilst silver made similar gains of approximately 0.5% to $31.68.
Gold price rose on Tuesday by 1.02% to $1,660; silver also increased by 0.49% to $31.68. During April, gold declined by 0.67% and silver by 2.48%.
A number of financial reports are scheduled for release on Thursday and Friday which could stir up the markets and cause some movement. The European Central Bank monthly bulletin and the Australian rate of Unemployment are two significant reports that are due to come out today.
The ECB Monthly Bulletin examines the economic situation of the Euro Area including interest rate decisions,government’s debt as well as price stability. There is a possibility that the outcome of this report will indicate expectations of the economic growth in the Euro-Zone.
Australia’s Rate of Unemployment is a report which has the potential to affect the Australian Dollar which has a correlation with both gold and silver. The rate of unemployment appreciated to 5.2 percent in the previous report, and the unemployed figure showed slight gains to 16,400 for the month of February.
To conclude, both metals continued their general direction that we have seen over the last few trading weeks after experiencing downfall at the start of the week due to the FOMC meeting minutes. There are still a number of reports and economic events due to come out this week which could have an impact on both the currency and commodity markets.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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