Last week gold and silver continued with their downward trend during most of the week up to Thursday. Will this downward trend continue as we are entering the last week of May? During last week the main news items were related to the U.S housing market: the U.S new home sales and existing home sales rose during April. This news may have adversely affected bullion. The U.S Jobless claims didn't change but the core durable goods slightly rose in April. By the end of the week commodities rallied from their downward trend perhaps as a correction.
In Europe there is still a lot of speculation around Grexit. I have reviewed the potential ramifications on gold if Greece will exit the EU.
This upcoming week there are items on the agenda that may affect the gold and silver prices. The main publications will revolve around the U.S non-farm payroll report, China's manufacturing PMI, U.S pending home sales ECB President Draghi speech, U.S. ISM Manufacturing PMI and American GDP for Q1 2012.
During last week gold declined during the first several days but rose on Thursday and Friday. During last week it fell by 1.3%. Silver also decreased on a weekly scale by 1.15%. Furthermore, during last week the SPDR Gold Shares (GLD) also fell by 1.2% and reached by May 25th 152.68, which is still a low rate for 2012.
The video link above shows a broad overview for the main publications and events that may affect gold and silver between May 28th and June 1st.
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