Gold Fundamental Analysis August 28, 2012, Forecast
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Analysis and Recommendations:
Gold pretty much held steady today, dipping 1.85 to trade at 1668.85 at this writing. Gold retained gains on course for a second consecutive week of increase on expectations of fresh stimulus actions from the US Federal Reserve. Investors are anxious over the outcome of UF Fed Chairman Bernanke’s speech at the annual symposium in Jackson Hole this week for any fresh clues of another round of bond buying program. Economic stimulus from central banks probably raises inflation outlook which could benefit gold due to its inflation hedge appeal. Increased hopes of central bank’s fresh monetary actions fascinated more speculators into the counter. As per the latest report on US CFTC data, speculators raised their bullish bets on gold futures and options in the previous week to the highest level since the beginning of May.
In the meantime, physical demand for bullion from India have been picking up following reports of heavy monsoon that could attract more rural buyers ahead of the key marriage season despite a record local price.
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 27, 2012 actual v. forecast
|
Date |
|
Currency |
|
|
Event |
Actual |
|
Forecast |
|
Previous |
|
|
|
|
Aug. 27 |
|
SEK |
|
|
Swedish Retail Sales (MoM) |
0.30% |
|
0.20% |
|
-0.30% |
|||
|
|
|
EUR |
|
|
German Ifo Business Climate Index |
102.3 |
|
102.6 |
|
103.2 |
|||
|
|
|
EUR |
|
|
German Current Assessment |
111.2 |
|
110.8 |
|
111.5 |
|||
|
|
|
EUR |
|
|
German Business Expectations |
94.2 |
|
95.0 |
|
95.5 |
Upcoming Economic Events that affect the CHF, EUR, GBP and USD
|
Date |
Time |
Currency |
Event |
Previous |
|
Aug. 28 |
07:00 |
EUR |
5.9 |
|
|
|
15:00 |
USD |
65.9 |
|
|
Aug. 29 |
01:00 |
EUR |
0.4% |
|
|
|
01:00 |
EUR |
1.7% |
Government Bond Auctions
Date Time Country
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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