Gold and Silver Weekly Outlook for April 23-27
Submitted by Trading NRG as part of our contributors program.
Gold and Silver Weekly Outlook for April 23-27
This week the slow paced movement of bullion might change direction as the FOMC meeting will be held and may sharply affect the direction of bullion. Here is a short overview and an outlook for the week of April 23rd to 27th; in this analysis I use fundamental analysis to examine how the upcoming events, decisions and financial reports may affect the direction of gold and consequently also SPDR Gold Trust (GLD).
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Gold moderately declined during last week by 1.05%. Silver slightly rose on a weekly scale by 1.05%;
Furthermore, during last week the GLD gold etf also edged down by 0.82% and reached on April 20th 159.54.
During last week the U.S jobless claims slightly declined (week over week); this news didn’t seem to have much effect on the forex or commodities markets. The housing market in the U.S continued to show signs of slow recovery at best. Finally the U.S Philly Fed had grown by a slightly slower pace than a month earlier. This disappointing news may have adversely affected the U.S dollar.
The video link and complete analysis of Gold and Silver Weekly Outlook
The video link on gold and silver provides a broad outlook for the major news and events that might affect the direction of metals during the week of April 23rd to 27th; 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:
Tuesday – U.S Consumer Confidence: according to the previous report, the consumer confidence index decreased in March (M-o-M). The current expectations are that the April index may change direction and edge up; this report might affect commodities market;
Wednesday – ECB President Draghi Speaks: Following the April ECB rate decision in which the rate wasn’t changed at 1% Mario Draghi will speak and may refer to ECB’s plan to calm the markets including implementing LTRO 3 or resuming the SMP. His speech may influence the direction of the Euro/USD;
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