Gold and silver price began this week in decent fashion, but through Wednesday and Thursday losses really began to add up. Today, metals are rebounding a bit, but that bounce is looking like it will not be enough for this week to be a third week of gains. To be fair, a majority of this 5-day trading session has been quiet and devoid of much economic activity. With that said, however, investors have had plenty to pay attention to as there is still volatility in global equity markets, some data was made public out of China, and the world is gearing up for yet another monetary policy announcement out of Europe.

Today, the US Dollar, which has been limiting the buying interest in gold and silver, backed down upon the release of revised housing sales figures from the last few months.

Revised Housing Data Does Greenback No Favors

Throughout much of this week, the progress of the US Dollar had been preventing gold and silver from both making any gains as well as preventing metals from holding on to any gains made last week. Today, however, brought about a bit of a different story shortly after revised housing data was made public.

According to the data, sales of new homes in August was not nearly as robust as originally though. The original figures showed August home sales somewhere in the neighborhood of 505,000, but in reality, the revised figures showed that really only 466,000 news homes were purchased. The revisions also took their toll on the months of June and July, as their figures were revised downward ever so slightly. For September, it was reported that 467,000 new homes were purchased, but even this figure fell short of the 470,000 mark expected by market experts. This data and this data alone was a major part of the reason behind why the greenback finished the day and week downward and why gold and silver were able to add just a bit of value on Friday.

As we look ahead to next week, it is almost a guarantee that the marketplace will be a bit busier than it was this week. With the marketplace expecting to hear some news out of the EU with regard to future monetary policy shifts, it is likely that there will be a good amount of information for investors to pay attention to and mull over.