By FXEmpire.com
Analysis and Recommendations:
Gold climbed in today’s session adding 13.55 to trade at 1584.35. Upbeat US housing data and the US Fed Chairman ruling out the possibility of double dip recession in his testimony infused some confidence into the market. However, markets still remained vulnerable to long running eurozone debt crisis. In a lackluster trade, spot gold and silver inched up backed by a weak dollar. Prices lacked direction and investors were looking out for fresh cues for further directional moves.
Even though the recent US economic numbers reveal a cooling economic growth, latest home starts data rose to its fastest pace in last three years. The Fed’s Beige book said yesterday that the US economy grew at a temperate pace in June and the first week of July. At the same time, India’s gold imports fell in the first quarter this year, by half percent as prices jumped by a weak rupee and a hike in import duty encouraged traders to stay away
Apart from an upbeat economic indicator from the US, expectation of aggressive monetary easing from China lifted prices. However, persisting worries over eurozone debt crisis capped gains.
Comments by the German Chancellor that the solution to the bloc’s problem was not yet in sight made investors to remain at guard. Tracking gains in the international market, base metal complex in MCX too edged higher. Crude oil continued it’s up run. Nymex and Brent crude oil rose for the seventh consecutive day to its highest in seven weeks.
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. 19 |
AUD |
NAB Quarterly Business Confidence |
-2.00 |
-1.00 |
|
|
GBP |
Retail Sales (MoM) |
0.1% |
0.6% |
1.5% |
|
|
GBP |
Retail Sales (YoY) |
1.6% |
2.4% |
2.1% |
|
|
USD |
Initial Jobless Claims |
386K |
365K |
352K |
|
|
Wholesale Sales (MoM) |
0.9% |
0.2% |
1.2% |
||
|
USD |
Continuing Jobless Claims |
3314K |
3299K |
3313K |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jul 20 |
6:00 |
EUR |
-0.3% |
|
|
8:30 |
GBP |
15.6B |
Government Bond Auctions
Date Time Country
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 to read Gold Technical Analysis.
Originally posted here
