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Here is a short overview of the recent developments in gold and silver prices during the week of March 12th to 16th and an outlook for the week of March 19th to 23rd; this includes a short description of the main news items, decisions and events that may have influenced precious metals traders during last week; in this analysis I use charts and a fundamental analysis to examine how if at all last week's events, decisions and financial reports affected the path of gold and consequently may also affect the direction of the SPDR Gold Trust (NYSEARCA:GLD).

During last week gold and silver declined by 3.03% and 4.17% respectively. Furthermore, during last week the GLD gold etf also traded down by 3.05%.

One of the main events that affected the path of bullion last week was the FOMC statement in which it was reveled the Fed will maintain its current policy and will not introduce any additional stimulus plan because the U.S. economy is showing signs of recovery.

Since the expansion of the U.S monetary base is linked with the rise of silver and gold in recent years, the decision of the Fed not to make another monetary expansion pulled down the bullion.

During last week there were other U.S related financial reports that came out including U.S PPI, Philly Fed manufacturing Index and U.S CPI. All these indexes were positive, but didn't increase by a high rate and thus may have had only little effect on metals market.

The video link on gold and silver prices provides a broad outlook for the major news and events that might affect the path of metals during the week of March 19th to March 23rd; the video includes reviewing the main reports, events, decisions and news items to be published during the upcoming week. Some of these reports and events include:

U.S. Housing Starts and Building Permits: the U.S Census Bureau will publish the U.S housing starts and building permits report for February 2012; this report was historically correlated with gold- as housing starts increased, gold tended to decrease the following day (even when controlling to the USD effect); in the previous report, the adjusted annual rate reached 699,000 in January 2012, which was 1.5% above December's rate of 689,000; the building permits edged up by 0.7% (the previous U.S. building permits and housing starts review);

Bernanke Speech: following the FOMC meeting from last week the Chairman of the Federal Reserve will give a speech that may influence on the forex and commodities markets. The speech will be in from of college students;

China flash Manufacturing PMI: this index indicates the changes in China's manufacturing sectors growth rate; if this upward trend will continue, this may also positively affect commodities prices;

ECB President Draghi Speaks: Following the recent ECB rate decision in which the rate remained flat at 1% the President of the European Central Bank, Mario Draghi will give a speech. He may refer to the recent Greek debt crisis and the progress of the EU economy. His speech may affect the euro;

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Gold And Silver Weekly Outlook for March 19-23