Gold & Silver Prices - Daily Forecast November 10

Gold and silver changed direction and the concerns of the European debt crisis including the news from Italy and Greece (see below) may have caused the sharp fall for the Euro that may have also affected gold and silver to decline. Today, there are many items on the agenda including: the U.S. Federal Budget Balance report, the American and Canadian trade balance reports, the U.S. Unemployment Claims, the GB rate decision and Ben Bernanke will speak.

For the complete report silver price and gold price outlook for November 10th see here in Trading NRG

Gold moderately declined on Wednesday by 0.42% to $1,791.6; silver also declined by 2.25% to $34.36. During November, gold increased by 3.8% while silver remained virtually unchanged. The EUR/USD changed direction and sharply fell on Wednesday by 2.11% to reach 1.3542. The news from Italy and Greece seems to continue raising the uncertainty levels and thus may have affected the Euro and could consequently also pressure gold and silver to trade down as the USD will appreciate.

The European Debt Update November 10th

The recent news from Italy is that Silvio Berlusconi will step down from his position as Italy’s Prime Minster by Saturday. The debt crisis in Italy was probably the prime reason for the sharp falls yesterday in the European stock markets and the sharp depreciation of the Euro.

For further reading:

Gold and Silver Prices Weekly Outlook for November 7th – 11th

Gold and Silver Prices Monthly Outlook for November 2011


Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.


NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at