Last week gold and silver resumed their downward trend and edged down during most of last week. Bernanke didn't hint of stimulus plan in his testimonies at the Hill; he also didn't offer any information about the future steps of the FOMC. According to the recent reports that came out last week the U.S housing starts rose during June, while existing home sales declined by 5.4%; Philly Fed index remained negative but slightly rose, while retail sales edged down. All these reports paint a mixed signal as to the economic progress of the U.S. If the upcoming U.S reports will paint a clearer picture of the developments in the U.S, then they may have a more substantial effect on the bullion market.
Gold slipped during last week by 0.58%; further, during said time the average rate reached $1,583.02 /t. oz which is 0.17% above the previous week's average rate of $1,580.38 /t. oz.
The video report presents an outlook of gold and silver for the main publications the main publications and events that may affect precious metals between July 23rd and July 27th. Some of these reports include:
Monday– China flash Manufacturing PMI: according to the HSBC Manufacturing PMI update for June 2012 the Manufacturing PMI slipped to 48.1; this index indicates the economic progress of China's manufacturing sectors; if this negative growth will continue, this may also adversely affect commodities;
Tuesday – U.S. Flash Manufacturing PMI: During June 2012 the ISM index declined to 49.7%, which means the manufacturing is contracting; this index might affect forex, crude oil and natural gas markets;
For further reading: Gold and Silver Outlook for July