Events Impacting Gold And Silver In The Week Of February 2nd

Over the last week, between January 26th and 30th, both gold and silver moved slightly lower week-on-week. Gold came all the way down from its critical resistance zone at $1300 to test the $1250 area, while silver did not make it through $18.50 moving to $16.80. Gold is still very strong in ALL currencies, although it is stabilizing in US Dollar terms. The momentum is not lost in the precious metals but it is taking a pause for now.

For the week commencing February 2nd, there are some economic data to be released which could create some volatility in the markets, although presumably not directly in the precious metals complex. As the table above indicates, employment statistics will be released in the U.S. and Canada this week. The U.K. is planning to announce an interest rate decision which could create some turmoil in currencies, although not directly in gold.

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