Gold & Silver Prices – Daily Outlook May 16

Gold and silver prices continued their downward trend during yesterday’s trading despite the slightly positive news of the higher than expected growth rate of Germany’s GDP in the Q1 2012 (a  growth rate of 0.5%); the news of the new elections in Greece to be held in June raised the anxiety in the markets and dragged down the Euro. This news may continue to affect the forex and commodities markets in the days to follow. On today’s agenda: the minutes of April FOMC meeting, U.S housing starts report, Bank of England’s Governor King speaks, ECB President speaks, Japan’s Preliminary GDP 1Q2012, Euro Area Annual Inflation, German 10 Year Bond Auction will be held and BOE Inflation Report . Currently precious metals prices are plummeting.        

Here is a reminder of the top events and reports that are planed for today and tomorrow (all times GMT):
Today
Tentative – German 10 Year Bond Auction
10:00 – Euro Area Annual Inflation (April)
10:30 –Bank of England’s Governor King speaks
10:30 –BOE Inflation Report
13:30 – U.S. Housing Starts
13:30 – U.S. Building Permits
15:00 – ECB President Draghi Speaks
15:30 – U.S Crude Oil Stockpiles Report
19:00 – FOMC Meeting Minutes
23:50– Japan’s Preliminary GDP 1Q2012

Tomorrow
Tentative – Spanish 10 Year Bond Auction
13:30 – U.S. Jobless Claims Weekly Update
15:00 – Philly Fed Manufacturing Index
15:30 – EIA U.S. Natural Gas Storage Update

Source; http://www.tradingnrg.com/gold-prices-outlook-silver-forecast-wednesday-may-16th-2012/