Gold Fundamental Analysis September 27, 2012 Forecast

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Analysis and Recommendations:

Gold fell by close to 20.00 today, trading at 1747.95 as investors took profits and also began to worry about global growth and ongoing unresolved problems in Spain and Greece.

The U.S. dollar index is sharply higher and crude oil prices are lower. Also, the precious metals on this day have decided to follow the weak raw commodity sector, which is pressured by the risk aversion in the market place Wednesday. There is a “risk-off” trader mentality in the market place Wednesday morning, as the European Union sovereign debt crisis is back on the front burner. There are fresh worries the summertime bailout agreement reached among EU officials may now be unraveling.
Protesting in the streets is occurring in Spain and Greece over their governments’ austerity programs. European stock markets dropped amid the protesting and amid fresh, unsettling comments from various EU officials on their debt crisis. The Euro currency dropped to a fresh two-week low Wednesday. Yields on Spanish and Italian bond yields are on the rise again.

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 September 26, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

Sep. 26

 

NOK

 

 

Norwegian Unemployment Rate 

3.00%

 

3.00% 

 

3.10% 

 

 

EUR

 

 

German 10-Year Bund Auction 

1.520%

 

 

 

1.420% 

 

 

GBP

 

 

CBI Distributive Trades Survey 

6

 

 

-3 

 

 

EUR

 

 

German CPI (MoM) 

0.0%

 

0.0% 

 

0.4% 

 

 

EUR

 

 

German CPI (YoY) 

2.0%

 

2.0% 

 

2.1% 

 

 

USD

 

 

New Home Sales 

373K

 

380K 

 

372K 

 

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

Date

Time

Currency

Event

Forecast

Previous

Sep. 27 

08:55

EUR

German Unemployment Change 

10K 

9K 

 

09:30

GBP

Business Investment (QoQ) 

-1.5% 

-1.5% 

 

09:30

GBP

Current Account 

-12.4B 

-11.2B 

 

09:30

GBP

GDP (QoQ) 

-0.5% 

-0.5% 

 

09:30

GBP

GDP (YoY) 

-0.5% 

-0.5% 

 

13:30

USD

Core Durable Goods Orders (MoM) 

0.3% 

-0.6% 

 

13:30

USD

Durable Goods Orders (MoM) 

-5.0% 

4.1% 

 

13:30

USD

Initial Jobless Claims 

378K 

382K 

 

13:30

USD

GDP (QoQ) 

1.7% 

1.7% 

 

13:30

USD

Continuing Jobless Claims 

3285K 

3272K 

 

15:00

USD

Pending Home Sales (MoM) 

-0.7% 

2.4% 

Government Bond Auction

Date Time Country 

Sep 27 00:30 Japan 

Sep 27 09:10 Italy  

Sep 27 17:00 US 

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About: FX Empire Analyst - Barry Norman

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