By FXEmpire.com

Analysis and Recommendations:

Gold is trading at 1613.15 close to its opening. Gold have had small gains and losses in today’s session. With little eco data and lite news flow markets were very quiet today.

Precious metals rose earlier in the day, lifted by a recovery in the euro versus the dollar and in stock markets, as optimism grew that the European Central Bank will act to lower borrowing costs for Spain and Italy.

Industrial metals rose to hit a 1-week high today as the dollar softened and market players were hoping the euro zone would take new measures to shore up its faltering economy, but slack metals demand in top consumer China kept a lid on prices

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data August 7, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Aug. 07

AUD

Interest Rate Decision

3.50%

3.50%

3.50%

AUD

RBA Rate Statement

CHF

Unemployment Rate

2.9%

2.9%

2.9%

CHF

CPI (MoM)

-0.5%

-0.6%

-0.3%

GBP

Industrial Production (MoM)

-2.5%

-3.4%

1.0%

GBP

Manufacturing Production (MoM)

-2.9%

-4.1%

1.2%

GBP

Industrial Production (YoY)

-4.3%

-5.0%

-1.8%

EUR

German Factory Orders (MoM)

-1.7%

-1.0%

0.7%

CAD

Building Permits (MoM)

-2.5%

-4.0%

7.1%

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

Event

Previous

Aug 8

5:45

CHF

SECO Consumer Climate

-8

9:30

GBP

BOE Inflation Report

10:00

EUR

German Industrial Production m/m

1.6%

12:30

USD

Prelim Nonfarm Productivity q/q

-0.9%

12:30

USD

Prelim Unit Labor Costs q/q

1.3%

14:30

USD

Crude Oil Inventories

Aug 9

8:00

EUR

ECB Monthly Bulletin

8:30

GBP

Trade Balance

-8.4B

12:30

USD

Trade Balance

-48.7B

12:30

USD

Unemployment Claims

Aug 10

6:45

EUR

French Industrial Production m/m

-1.9%

8:30

GBP

PPI Input m/m

-2.2%

12:30

USD

Import Prices m/m

-2.7%

18:00

USD

Federal Budget Balance

-59.7B

Government Bond Auctions

Date Time Country

Aug 08 09:30 Germany

Aug 08 10:00 Norway

Aug 08 15:30 Italy

Aug 08 17:00 US

Aug 09 15:30 Italy

Aug 09 17:00 US

Aug 10 10:00 Belgium

Aug 13 09:10 Italy

Aug 13 09:10 Norway

Aug 13 09:30 Germany

Click here to read Gold Technical Analysis.

Originally posted here