Gold and silver continue to change directions from gains to losses. Yesterday they have ended in the green. Furthermore this no clear trend has obviously been reflected in the price of the SPDR Gold Trust (GLD ETD). Will this no clear trend continue? Today, U.S. Jobless Claims will be published, ECB President Draghi will give a speech, Bernanke will also give a speech, Canada's retail sales report will be released along with EU Manufacturing PMI.

Gold price moderately rose on Wednesday by 0.2% to $1,650; silver also traded up by 1.23% to $32.23; the GLD ETF was traded up by 0.05%. During March, gold declined by 3.56%, silver by 6.97% and the price of SPDR Gold Trust declined by 2.48% (for more ongold and silver daily analysis).

The ratio between gold and silver slightly declined to 51.21. In the past couple of weeks the ratio ranged between 50 and 51.

On Today's Agenda

ECB President Draghi Speaks: Following theECB rate decision in which the rate remained unchanged at 1% the President of the ECB, Mario Draghi will give a speech. He may refer to the recent Greek bailout and the progress of the Euro zone economy;

U.S. Jobless Claims Update:initial claims decreased to 351,000 claims for the week ending on March 10th; the upcoming update may affect the strength of the US dollar and consequently gold and silver;

Forex / Bullion– March

The Euro/USD slightly declined on Wednesday by 0.07% to 1.3216; furthermore, the AUD also fell against the U.S. dollar by 0.21%. These rates are historically linearly correlated with the daily percent changes of bullion. Thus if these rates will continue to decline today they may indicate gold and silver may also trade down.

Daily Analysis

Precious metals continue to zigzag as they have changed direction from gain to loss each day of the past five business days. The news regarding the slowdown of China's manufacturing may adversely affect gold and silver. Since there aren't major news items today the progress of China may be the leading news to affect bullion. Nonetheless, there are several news items from Europe and U.S listed above that could tilt the scales back so that bullion will trade up. These events and reports may affect the direction of the Euro/USD and consequently indirectly affect gold and silver.

Thisgold and silver forecast was first presents in Trading NRG

For further reading:

Gold and Silver Prices Weekly Outlook for March 19-23

Gold and Silver Prices Outlook for March 2012

By: Lior Cohen, M.A. in Economics, Commodities Analyst and Blogger atTrading NRG

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