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DG365FD46564GFH654FU898 Gold and silver prices didn’t do much during the passing week as they have zigzagged around their levels form a week earlier. The news from Greece regarding its struggle to receive the next bailout package from the EU, and the announcement of Moody’sto downgrade the credit rating of several EU countries didn’t seem to affect much forex and commodities traders. The news of the contraction of the EU GDP by 0.3% in the fourth quarter was also something that didn’t catch traders by surprise as the Euro only slightly declined that day; furthermore, this news didn’t even pull down gold and silver prices upon publication. Finally, during last week there were several U.S. reports that came out and showed a slight improvement in the economic situation including a rise in the Philly Fed index, a growth in the housing starts and building permits and a moderate increase in U.S. retail sales. Nevertheless, these news items didn’t seem to have much of an effect on the forex market or the precious metals market.
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