By FXEmpire.com
Analysis and Recommendations:
Gold is trading at 1617.65 moving between small gains and losses today. Gold traded little changed, following a five week high in tandem with the Euro last week. Concerns over potential monetary easing from major central banks kept gold above $1620 an ounce.
Spot Gold softened from its five week high levels after posting its best weekly performance in eight weeks weighed down by weak euro. A firming dollar pushed base metals into a negative territory though hopes of additional stimulus measures injected some optimism into the market, limiting losses. However, nickel was seen rising in LME supported by changes in Indonesia’s export regulations. Tracking movements in LME, base metals in MCX, except for nickel, were trading with a negative bias. Crude oil prices were floating near its one week high levels.
US and European central banks will hold their policy meeting this week and is expected to take suitable actions to prop up the deteriorating economy. US GDP in the second quarter grew only 1.5 percent the weakest pace of growth since the third quarter of 2011 as consumers spend their slowest pace in a year. Meanwhile, high prices and dull seasonal demand restricted physical buying from most Asian countries. ETF demand too dropped, with SPDR the world’s biggest gold-backed exchange-traded fund reporting a plunge in their holdings, the level seen since early November. However, CFTC data showed fund managers trimmed their net long positions in US gold futures and options by almost 25 percent in the last week.
Apart from central bank’s policy meeting, investors will closely watch the outcome of US nonfarm payrolls data scheduled to release next Friday
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 for July 30, 2012 actual v. forecast
|
Date |
Time |
Currency |
Importance |
Event |
Actual |
Forecast |
Previous |
|
Jul. 30 |
00:50 |
JPY |
Industrial Production (MoM) |
-0.1% |
1.5% |
-3.4% |
|
|
02:00 |
AUD |
HIA New Home Sales (MoM) |
2.8% |
0.7% |
|||
|
10:20 |
EUR |
Italian 10-Year BTP Auction |
5.96% |
5.82% |
|||
|
11:00 |
GBP |
CBI Distributive Trades Survey |
11 |
15 |
42 |
Upcoming Economic Events that affect the CHF, EUR and GBP
|
Date |
Time |
Currency |
Event |
Forecast |
Previous |
|
Jul 31 |
6:45 |
EUR |
0.4% |
||
|
7:55 |
EUR |
7K |
|||
|
9:00 |
EUR |
2.4% |
|||
|
9:00 |
EUR |
11.1% |
|||
|
Aug 1 |
1st-8th |
GBP |
1.0% |
||
|
7:15 |
EUR |
41.1 |
|||
|
7:45 |
EUR |
44.6 |
|||
|
8:30 |
GBP |
48.6 |
|||
|
Aug 2 |
7:00 |
EUR |
-98.9K |
||
|
7:15 |
CHF |
6.2% |
|||
|
7:30 |
CHF |
48.1 |
|||
|
8:30 |
GBP |
48.2 |
|||
|
11:00 |
GBP |
375B |
|||
|
11:00 |
GBP |
0.50% |
0.50% |
||
|
11:45 |
EUR |
0.75% |
0.75% |
||
|
12:30 |
EUR |
||||
|
Aug 3 |
8:30 |
GBP |
51.3 |
||
|
9:00 |
EUR |
0.6% |
Government Bond Auctions
Date Time Country
Jul 31 00:30 Japan
Jul 31 09:30 Belgium
Aug 01 09:30 Germany
Aug 01 10:00 Norway
Aug 01 13:00 US
Aug 02 08:30 Spain
Click here for further Gold Forecast.
Originally posted here
