Source: ForexYard
Both gold and silver during last weeks trading did not show any major movements or solid directions, with the yellow metal weakening for the majority of the week whilst silver prices traded slightly up. During last week, gold prices fell 1.05 percent whilst its fellow metal silver slightly appreciated just over 1 percent.
Despite gold’s weak performance in the previous week, silver managed to make some gains. Its possible that that the metal’s prices were boosted by a strong Euro and Australian Dollar , which both strengthened against the U.S Dollar.
There are a number of financial reports due for release this week which could affect precious metal price movements. In particular, there are a number of U.S-related reports including New Home Sales report,Core Durable Goods Orders,Interest Rate Decision,FOMC Statement as well as a Speech from Federal Reserve Chairman Ben Bernanke.
If the results of the U.S-related reports turn out to be positive, it could boost the greenback and consequently push gold and silver prices down.On the other hand,bullion prices could be boosted if the reports display negative or unexpected results, which would put downward pressure on the U.S currency.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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