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

GfK German Consumer Climate 

5.9 

 

15:00

USD

CB Consumer Confidence 

65.9 

Aug. 29

01:00

EUR

German CPI (MoM) 

0.4% 

 

01:00

EUR

German CPI (YoY) 

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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About:FX Empire Analyst - Barry Norman

Barry produces a private Daily Market Review newsletter that is distributed around the globe to over 25,000 subscribers and recently published a book on Options Trading that is available from amazon.com

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