By FXEmpire.com
Analysis and Recommendations:
Gold continues its decline trading at 1569.65 down mid day by 19.85. Gold began had been trending down but was recently push upward on market rumors that Chairman Bernanke would provide more information in this his opening statement to the US congress. The US Federal Reserve Chairman in his testimony offered little cues on another round of quantitative easing, pouring cold water on market expectation over additional stimulus.
Besides, Bernanke offered a gloomier outlook of the US economic growth prospects while, keeping doors open for monetary action if necessary. The overall market sentiments were on the bleaker side following the testimony and as economic indicators from other major economies provided hardly any positive indications to cheer about.
Gold and silver ticked lower weighed down by a weaker Euro and on uncertainty existing over additional monetary easing by the US Fed. Base metals were mixed in LME. Copper was seen rebounding from its previous session losses. Precious metals continued to consolidate in narrow ranges. Base metal complex traded mostly steady in yesterday’s session.
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 July 19, 2012 actual v. forecast
|
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
|
Jul. 18 |
JPY |
Monetary Policy Meeting Minutes |
|||
|
GBP |
Average Earnings Index +Bonus |
1.5% |
1.4% |
1.4% |
|
|
GBP |
Claimant Count Change |
6.1K |
5.0K |
6.9K |
|
|
GBP |
MPC Meeting Minutes |
||||
|
USD |
Building Permits |
0.755M |
0.765M |
0.784M |
|
|
USD |
Housing Starts |
0.760M |
0.745M |
0.711M |
|
|
USD |
Fed Chairman Bernanke Testifies |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 19 |
6:00 |
CHF |
2.48B |
|
|
8:00 |
EUR |
4.6B |
||
|
8:30 |
GBP |
1.4% |
||
|
12:30 |
USD |
|||
|
14:00 |
USD |
4.55M |
||
|
14:00 |
USD |
-16.6 |
||
|
Jul 20 |
6:00 |
EUR |
-0.3% |
|
|
8:30 |
GBP |
15.6B |
Government Bond Auctions
Date Time Country
Jul 19 00:30 Japan
Jul 19 08:30 Spain
Jul 19 08:50 France
Jul 19 09:30 UK
Jul 19 09:50 France
Jul 19 15:00 US
Jul 19 17:00 US
Jul 23- n/a UK
Jul 23 09:30 Germany
Jul 24 08:30 Netherlands
Jul 24 08:30 Spain
Jul 24 15:30 Italy
Jul 24 17:00 US
Jul 25 09:30 Germany
Jul 25 15:30 Italy
Jul 25 17:00 US
Jul 26 00:30 Japan
Jul 26 09:10 Italy
Jul 27 09:10 Italy
Jul 27 17:00 US
Click here for further Gold Forecast.
Originally posted here
