Gold Fundamental Analysis August 23, 2012, Forecast

Analysis and Recommendations:

Gold spent the day bouncing between small gains and losses to trade at 1640.25 after climbing for several days, on talks of stimulus and on positive outlook from the EU, gold took a breather today.

Commodities were seen extending the previous session gains underpinned by hopes that European Central Bank will opt for solid measures to contain the region’s long running debt crisis. Still, weak economic indicator from Japan weighed on the overall market sentiments limiting gains. Precious metals rose, stretching the previous session gains. Spot gold inched up, testing the 200 day moving average while spot silver advanced to ten week high. Meanwhile, platinum continued to rule firm bolstered by worries over supply disruptions. MCX base metal complex were mostly trading in a positive territory tracking movements in the major LME. Nickel gained the most followed by zinc. In the mean time, LME copper eased from the one month high level and was trading mostly steady. Top global miner BHP Billiton planning to delay its project expansion and forecast that global demand for copper may exceed supply despite slowing economic growth in the top consumer China providing firm support.

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 23, 2012 actual v. forecast

Date

 

Currency

 

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Aug. 22

 

JPY

 

 

 

Trade Balance 

-0.33T

 

-0.46T 

 

-0.32T 

   

 

 

CAD

 

 

 

Core Retail Sales (MoM) 

-0.4%

 

0.3% 

 

0.4% 

   

 

 

CAD

 

 

 

Retail Sales (MoM) 

-0.4%

 

0.1% 

 

0.2% 

   

 

 

USD

 

 

 

Existing Home Sales 

4.47M

 

4.52M 

 

4.37M 

 

 

  

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

Date

Time

Currency

Event 

Forecast

Previous

Aug 24

1:30pm

USD

Durable Goods Orders m/m

2.8%

-1.4%

 

2:00pm

EUR

Belgium NBB Business Climate

-10.8

1.3%

Government Bond Auctions

Date  Time  Country 

27/8  11:30  Germany 

28/8  10:30  Spain

28/8  11:00  Italy 

28/8  19:00  US 

29/8  11:00  Italy 

29/8  19:00  US 

30/8  05:35  Japan

30/8  11:00  Italy 

30/8  19:00  US

 

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