Gold and Silver Prices Weekly Outlook for February 20-24

Here is a short recap of the developments in gold and silver prices during the week of February 13^th to February 17^th; this overview includes a short description of the changes in the markets that were related to the recent changes in precious metals prices; in the analysis in I use charts and I highlight the main news items that may have influenced gold and silver traders during the week.

The announcement of Moody’s to downgrade the credit rating of several EU countries didn’t seem to affect many traders. Furthermore, the decline of the EU GDP by 0.3% during the fourth quarter of 2011 was also something that didn’t seem affect traders; during last week there were several U.S. reports that came out and showed a slight improvement in the economic situation including an increase in the Philly Fed index, housing starts and U.S. retail sales. Nevertheless, these reports didn’t seem to have much of an effect on precious metals prices.

The Euro slightly declined against the USD, while other “risk” currencies such as the Australian dollar appreciated against the U.S. dollar during the week. This shift in the direction of the U.S. dollar may have also been responsible for the changes in the direction of gold and silver prices during last week.

Source: http://www.tradingnrg.com/gold-price-and-silver-price-weekly-forecast-for-february-20-24/?utm_source=rss&utm_medium=rss&utm_campaign=gold-price-and-silver-price-weekly-forecast-for-february-20-24

Gold Prices Settle Lower on Greek Bailout Uncertainties (Update 1)

NEW YORK (TheStreet ) — Gold prices settled marginally lower Friday as investors showed caution ahead of a holiday weekend and the fate of a second Greek bailout remained uncertain.

Gold for April delivery ended down $2.40 to $1,725.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,737.50 and as low as $1,718.60 an ounce, while the spot price was down $4.60, according to Kitco’s gold index.

Source: http://feeds.thestreet.com/~r/tsc/feeds/rss/latest-stories/~3/wMg4Fn6D21Q/gold-prices-waver-as-greece-nears-bailout-deal.html