Source: ForexYard
The direction of both Gold and Silver continues to sway as the two metals go from gains to losses.
Wednesdays’ trading saw Gold show a moderate rise of 0.2% to $1,650, whilst silver showed a gain of 1.23% to $32.23.
Reports claim that Chinas’ Manufacturing is set to contract for the fifth consecutive month, according to the recent HSBC Manufacturing PMI, the index slipped to 48.1 which shows that the nations’ manufacturing is on the decline. This news will be among the major factors negatively affecting the price of the two metals throughout the day.
There are a number of important news events released today, as both ECB President Mario Draghi and the Federal Reserve Chairman Ben Bernanke will speak. U.S Jobless Claims update as well as Canada’s Retail Sales complete the reports for today.
Chinas’ manufacturing crisis is the leading indicator of Gold and silvers moderate decline. Chinas’ progress is the main event for the bullion market, as we could see the two metals trading in the red throughout the day.
The news out of Europe today could affect the Euro and the Greenback, and consequently affect the prices of Gold and Silver.
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
