Gold and Silver Outlook for March 25-29
Submitted by Trading NRG as part of our contributors program.
Gold and silver continued to zigzag in an unclear trend during the previous week despite the many news items on last week’s agenda: The recent news from Cyprus is that its parliament passed on the bailout plan, which isn’t likely to satisfy EU and IMF officials. During last week, this development may have contributed to the rally of safe haven investments and also dragged down the Euro. The FOMC meeting didn’t result in big headlines and thus didn’t affect precious metals. Moreover, the mixed trend in the forex market may have contributed to the mixed trend in commodities markets. Will gold and silver rise next week?
The weekly report below presents a broad overview of the main reports, speeches and publications that may affect gold and silver between March 25th and March 29th. These include the above-mentioned news items such as: U.S new home sales, core durable goods, Canada’s CPI, German retail sales, Great Britain current accounts, Bernanke’s speech, RBA Governor speech, and U.S. jobless claims (just to name a few).
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- Soaring Yields Hit Barrick Gold Stock. Is This An Opportunity To Buy?
- Should You Buy Barrick Gold Stock As Copper Production Soars?
In conclusion, the whole Cyprusdebacle and its bailout plan will keep occupying the financial markets and will generate guesses about the future of Cyprus. Despite this news the Euro only slightly declined during last week and the price of gold only slightly rallied. The demand for safe haven investments is likely to keep falling as long as the U.S economy will show signs of progress.
If the gold and silver trading volumes will decline, this could lower their price volatility during the upcoming week. InIndia, if the Rupee will continue to decrease against the USD, as it did during last week; it may adversely affect the demand for gold inIndia. Finally, if the Euro, Aussie dollar, Canadian dollar and other currencies will depreciate against the USD, they could also adversely affect gold and silver. Based on the above, my guess is that gold and silver will slightly decline next week.
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