Source: ForexYard
For the second consecutive business day, both Gold and Silver saw sharp gains, reducing the overall losses the two metals have experienced throughout March.
The key report that may have been responsible for the sharp gains in the bullion market was Fed Chairman Ben Bernanke’s Speech on the labour market. Currently Gold and Silver prices are trading up.
There are certain news events coming up today that could possibly have an effect on the bullion market:
U.S Consumer Confidence: According to the recent report, the consumer confidence index increased in February compared with January’s result. The current expectations are that this index could possibly change direction and decline in March despite the U.S. economy’s signs of progress. this report might affect the direction of the US dollar and perhaps the bullion market as a result.
Bernanke Speech: The Chairman of the Federal Reserve will give another speech this week. The speech is part of a four piece lecture. The speech will be referred to as “The Federal Reserve and the Financial Crisis” Part 3″.
To conclude, both Gold and Silver prices showed resistance in the last couple of trading days as the two metals rallied. The recent speech of Fed Chairman Ben Bernanke could linger in the markets and possibly continue having an impact on the bullion market.Due to the metal’s recent gains, we could see investors leaning towards the Gold and Silver market which as a result, would push the prices up.
Traders should keep a close eye on the U.S Consumer Confidence Report, as there is a possibility that it may have an affect on the Greenback, and put pressure on the two metals
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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