Gold and silver didn't do much yesterday however things might change today seeing that there are many news items on today's agenda including: Great Britain CPI, German and Euro Area ZEW economic sentiment, U.S. Housing Starts and Building permits, Bank of Canada's Overnight Rate and ECB President Draghi Speaks.
It will be interesting how all these items and events will play out today and affect the financial markets (if at all). The daily forecast on gold and silver for April 17th Gold declined on Monday by 0.63% to $1,649; silver also slipped by 0.05% to $31.37. During April, gold decreased by 1.33% and silver by 3.42%.
On Today's Agenda
U.S. Housing Starts and Building Permits: the housing starts was historically correlated with gold; if the housing starts will decline again as they did in the previous month this could rally bullion prices (the recent U.S building permits and housing starts review);
ECB President Draghi Speaks: Following the April ECB rate decision in which the rate remained unchanged at 1% the President of the European Central Bank will speak and may refer in his speech to the recent events in Spain and may talk about the ECB's plan to calm the markets including implementing LTRO 3 or resuming the SMP. His speech may influence the Euro/USD which is strongly linked with metals;
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