Gold and Silver Outlook for November 19-23

Submitted by Trading NRG as part of our contributors program.

The prices of gold and silver changed direction again last week and edged down. Moreover, the high volatility of precious metals from the beginning of the month has eased down during last week. Will this low volatility continue during this short week? This week the U.S will celebrate Thanksgiving; this could lower the trading volume in all major markets and thus may raise the volatility by the end of the week. Last week, the minutes of the recent FOMC meeting didn’t reveal any information regarding the Fed’s next step. Further, Bernanke’s speech also didn’t seem to affect the bullion market. The Euro group is likely to decide on the Greek bailout this week. During last week, several other reports were published that may have slightly affected the forex and precious metals: the U.S jobless claims sharply increased by 78k to reach 439k; the Philly Fed index declined to -10.7, plausibly due to the adverse effect Hurricane Sandy on the region; U.S core PPI edged down by 0.2%, while the U.S core CPI increased by 0.2%.

The video report herein presents an outlook of gold and silver that include the main publications and events that may affect precious metals during November 19th and November 23rd. Some of these reports include:

Euro-group Meeting: The Euro-group Meeting will convene in Brussels as the EU leaders will decide on the Greek bailout plan. Following last week’s meeting, the EU ministers of finance had decided to make the decision regarding Greece’s next bailout package; if the EU will decide to make this bailout, which many expect will take place, then this may pull up a bit the Euro;

U.S. Housing Starts: the U.S Census Bureau will come out with its U.S housing starts report for October 2012; this report was historically linked with gold; in the previous report, the adjusted annual rate reached 872,000 in September 2012, which was 15% above August’s rate;

Bernanke’s Speech: In anticipation for the government tackling the fiscal cliff by the end of the year, many will look towards Bernanke’s speech that could offer some insight behind the Fed’s future monetary steps. The Chairman of the Federal Reserve will talk at the Economic Club of New York. The title of the speech is “The Economic Recovery and Economic Policy “;

For further reading:

Weekly Outlook of Financial Markets for November 19-23

Why Gold Isn’t Pulling Up?