Forecasts & Analysis |

Existing home sales surge

Business activity in the Euro Zone fell to a two-month low in January, preliminary data showed on Friday,

Inventories declined by 187 Bcf

Gold prices consolidated and closed the week up 1.5% as the dollar moved sideways, and U.S. yields remained stable. U.S. Existing Home Sales came in stronger than expected, rising to a 14-year high. The Senate confirmed Janet Yellen, who will become the first woman to hold U.S. Treasury secretary.Trade gold

USD/CAD gained strong upside momentum and is trying to settle above the 20 EMA.

SVB Financial Group, the parent of Silicon Valley Bank, reported better-than-expected earnings in the fourth quarter, largely benefitting from higher revenues, improving loan and deposit balances, sending its shares as high as 9% to a new record high on Friday.

Meanwhile, EIA reported that crude inventories increased by 4.4 million barrels.

Inflation will be one of the greatest upside risks for gold this year. Will it materialize and make gold shine?

Moreover, due to their strong correlation with the EUR/USD, gold and silver are falling into the same trap.

Silver tried to settle below the support level at $25.00.