Gold & Silver - Daily Outlook 01.03.2012

Gold and silver changed direction and plummeted yesterday. The last time gold and silver declined so sharply and promptly was back on December 14th when the FOMC disappointed bullion traders as there were no announcements of QE3. This time was very similar and Bernanke's testimony disappointed traders. Furthermore, ECB announced yesterday the bank will allot €529.5 billion to LTRO – this was higher than expected and may have also affected Euro/USD. Finally, the US GDP 2011 Q4 growth rate reached 3% according the recent update. This news may have also pushed up USD against other currencies and lowered the chances of another QE3.  Today there are several items of the agenda worth mentioning including: the US jobless claims weekly update, the U.S. ISM Manufacturing PMI and the Bernanke will testify again in the House of Representatives.

The complete daily analysis on gold and silver prices is at Trading...

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