Last week gold and silver bounced back on the second week of July after they had declined during the first week of the month. The minutes of the FOMC meeting came out but didn't show any hints of a possibility of another stimulus plan and thus the report didn't affect much bullion rates. On Friday the Chinese GDP growth rate for Q2 was published and was lower than many had anticipated as it reached only 7.6%. This news may have contributed to the rally of commodities during Friday as it raised the speculation around a possibility of BOC stimulating the Chinese economy. The main events that may affect gold and silver during the upcoming week will revolve around Bernanke's testimonies, U.S housing starts, the minutes of MPC meeting, U.S retail sales, U.S core CPI ,Philly Fed survey and jobless claims.

For the complete Gold and Silver Weekly Outlook

The video report shows an outlook of gold and silver for the main publications the main publications and events that may affect precious metals between July 16th and July 20th. Some of these reports and events include:

Tuesday – Bernanke's Testimony: Following the recent publication of the minutes of the FOMC meeting, if Bernanke will hint of another stimulus plan it could rally the commodities markets. The title of the speech is "Semiannual Monetary Policy Report to the Congress";

Wednesday – U.S. Housing Starts: this report was historically correlated with gold price – as housing starts decreased, gold tended to rise the following day; in the previous report, the adjusted annual rate reached 708,000 in May 2012, which was 4.8% below April's  rate;

For further reading:

Gold and Silver Outlook for July

Weekly Outlook Financial Markets for July 16-20