Precious metals changed direction and declined – along with other commodities – as the USD bounced back against the Euro and Japanese yen. Will the recent fall in gold and silver prices continue? Or will bullion prices change course again and rally? A lot will depend on how the upcoming events and report unfold. This week, the main event will be the non-farm payroll that may impact gold and silver. Other events and reports to consider include: U.S. core PCE, Yellen’s speech, China and U.S. manufacturing PMI, and EU flash CPI.
During the past short week, the U.S. dollar started to gain some steam and strengthen against the major currencies. Even though there weren’t too many reports or events last week, commodities in general and precious metals in particular seem to have declined in part due to the stronger dollar. The interviews given by FOMC members last week…….. Read full story