Gold Fundamental Analysis – week of September 12, 2016 – Forecast

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Published: Sep 10, 2016, 07:05 UTC

Gold closed the week down 0.75% as more and more Federal Reserve members took a bullish tone ahead of the September meeting. Gold ended the week at

Gold closed the week down 0.75% as more and more Federal Reserve members took a bullish tone ahead of the September meeting. Gold ended the week at 1331.65 and is a strong buy moving into the new week as traders will buy up the cheaper commodity.

Gold prices fell again on Friday as hawkish comments on U.S. interest rates from a top Federal Reserve official helped lift the U.S. dollar, and as buyers continued to cash in on this week’s price rally.

The metal stayed on track for a second successive weekly gain. Gold was 0.5 percent higher on the week, having jumped 1.8percent to $1,352.65 an ounce on Tuesday.

Soft jobs and services data this week have dented expectations that ultra-low interest rates, a key support for non-yielding gold, will rise this year. But investors remained uncertain on the outlook for rates, however, with Fed officials recently taking a more hawkish tone.

“Gold and silver really came under pressure on renewed expectation that the Fed is actively pursuing an interest rate hike. Before it seemed like more of a long shot,” said a senior market strategist for RJO Futures in Chicago.

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This Week’s Economic Events That You Should Be Monitoring:

Date	Country	Name	Volatility	Previous	Consensus
9/13/2016	GBP	Core Consumer Price Index	3	1.3	1.4
9/13/2016	GBP	Consumer Price Index (YoY)	3	0.6	0.7
9/13/2016	EUR	ECB President Draghi’s Speech	3
9/13/2016	EUR	ZEW Survey – Economic	3	4.6	6.7
9/14/2016	NZD	Gross Domestic Product (YoY)	3	2.8
9/15/2016	AUD	Employment Change	3	26.2	15
9/15/2016	AUD	Unemployment Rate	3	5.7	5.7
9/15/2016	CHF	SNB Interest Rate Decision	3	-0.75	-0.75
9/15/2016	CHF	SNB press conference	3
9/15/2016	GBP	BoE Asset Purchase Facility	3	435	435
9/15/2016	GBP	BoE Interest Rate Decision	3	0.25	0.25
9/15/2016	GBP	Monetary Policy Summary	3
9/15/2016	GBP	BOE MPC Vote Cut	3	9	0
9/15/2016	GBP	BOE MPC Vote Unchanged	3	0	9
9/15/2016	GBP	BOE MPC Vote Hike	3	0	0
9/15/2016	GBP	Bank of England Minutes	3
9/15/2016	USD	Retail Sales (MoM)	3	0	0
9/16/2016	USD	Consumer Price Index (YoY)	3	0.8	1
9/16/2016	USD	Consumer Price Index ECORE	3	2.2	2.2
9/16/2016	USD	Michigan Consumer Sentiment	3	89.8	91