Gold Fundamental Analysis September 27, 2012 Forecast

Posted September 26, 2012 15:06 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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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	5	-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

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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