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 prices 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.
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