Gold and silver continue to zigzag as they have changed direction yesterday and slipped along with the rest of the financial markets including the US stock markets. Currently gold and silver changed direction again and are traded slightly up. Today, U.S. Federal Budget Balance will be published the U.S. retail sales and the Euro Area Consumer price index. The G20 meeting will be held this weekend.
Gold slipped on Thursday by 0.84% to $1,668.0; silver also fell by 3.42% to $31.67. The chart below shows the development of gold and silver in October (normalized gold and silver (September 30th 2011=100)). During the month, gold price inclined by 2.8%, and silver prices by 5.3%.
USD/ Gold & Silver– October
The AUD/USD slightly inclined on Thursday by 0.33% to reach 1.0192; other currencies had a mixed trend with the CAD and Euro falling against the USD and the GBP and YEN rising. If the “risk currencies” (AUD and CAD) will rise today they could also assist the progress of gold and silver to increase during the day.
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Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.