By FXEmpire.com
Analysis and Recommendations:
Gold is still holding tight to the 1615-1620 range, with little direction. The pair are trading at 1617.25 down 2.15 at this time.
After posting gains for the fourth consecutive session, spot gold held steady and is trade well above the $1600 an ounce today. Weak US economic releases fuelled expectations of monetary stimulus that dragged down dollar against most of its peers. US retail sales in May dipped down to a second straight month while wholesale prices dropped the most in three years. Swelling worries about the Euro zone’s ability to contain its debt crisis attracted some safe haven buying in gold. Spanish rate cutting and concerns over China’s economic growth also weighed on the sentiments. At the same time, investors remain cautious on taking large positions ahead of the key events like Greek vote, G 20 meeting and US Federal Reserve policy meeting this month. For the day, investors are eying the Italian bond auction, US inflation and jobless data to track cues of any abrupt moves on bullion.
Markets will be quiet through the beginning of next week with Greek elections and the FOMC meeting on tab.
Also the OPEC meeting in Vienna might have some effects on gold trading depending on production and quotas.
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 June 14, 2012 actual v. forecast
|
Date |
Time |
Event |
Actual |
Forecast |
Previous |
|
Jun. 14 |
05:30 |
Industrial Production (MoM) |
-0.2% |
0.2% |
0.2% |
|
08:30 |
Interest Rate Decision |
0.00% |
0.00% |
0.00% |
|
|
08:30 |
SNB Chairman Thomas Jordan speaks |
||||
|
09:00 |
ECB Monthly Report |
||||
|
10:00 |
CPI (YoY) |
2.4% |
2.4% |
2.4% |
|
|
10:00 |
Core CPI (YoY) |
1.6% |
1.6% |
1.6% |
|
|
13:30 |
Core CPI (MoM) |
0.2% |
0.2% |
0.2% |
|
|
13:30 |
CPI (MoM) |
-0.3% |
-0.2% |
0.0% |
|
|
13:30 |
Current Account |
-137.3B |
-132.3B |
-118.7B |
|
|
13:30 |
Initial Jobless Claims |
386K |
375K |
380K |
|
|
13:30 |
Continuing Jobless Claims |
3278K |
3269K |
3311K |
|
|
13:30 |
CPI (YoY) |
1.7% |
1.8% |
2.3% |
|
|
13:30 |
Core CPI (YoY) |
2.3% |
2.2% |
2.3% |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Jun 15 |
8:30 |
GBP |
-8.6B |
|
|
12:30 |
USD |
17.1 |
||
|
13:00 |
USD |
36.2B |
||
|
13:15 |
USD |
79.2% |
||
|
13:15 |
USD |
1.1% |
||
|
13:55 |
USD |
79.3 |
Click here for updated Gold News.
Originally posted here
