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Gold Fundamental Analysis December 10, 2012, Forecast

By:
Barry Norman
Updated: Aug 21, 2015, 00:00 UTC

Analysis and Recommendations: Gold moved between small gains and losses today, with little direction. Gold is currently holding at 1703.25 adding 1.45.

Gold Fundamental Analysis December 10, 2012, Forecast
Gold Fundamental Analysis December 10, 2012, Forecast
Gold Fundamental Analysis December 10, 2012, Forecast

Analysis and Recommendations:

Gold moved between small gains and losses today, with little direction. Gold is currently holding at 1703.25 adding 1.45. The overall market sentiments were on the weaker side on downbeat outlook over the Eurozone economy by the European Central Bank last day. The euro weakened following the grim economic outlook. Germany’s Bundesbank cutting the economic growth outlook for the Euro Zone’s largest economy weighed on too. Meanwhile, yen tumbled against most of its peers after a powerful earthquake struck Japan. Gold managed to sustain the previous session gains, ticked up even as prices were probably heading to post losses for the second consecutive week.

In contrast to these economic releases, ebb and flow negotiations over the fiscal cliff would continue to rule financial market and unless a clear cut consensus to avert the fiscal battle is carved out, expect markets to remain jumpy. Overall, the week has remained captive to fiscal cliff negotiations in the U.S and key central bank meetings. Coming days could see the Federal Reserve in the U.S expanding its bond purchase plan to add treasury purchases at its monthly meeting on Dec 11th and 12th to support growth as per reports. Also, toping economic releases over the weekend would be the Chinese Industrial production figures, which could throw further glimmer of hope that it’s not all doom for the world’s second largest economy, which is still showing resilience. The positive jobs data helped support the US dollar but had little reaction in precious metals.

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 December 7, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

Dec. 07

 

AUD

 

 

Trade Balance 

-2.09B

 

-2.05B

 

-1.42B

 

 

GBP

 

 

Industrial Production (MoM) 

-0.8%

 

0.7%

 

-2.1%

 

 

GBP

 

 

Manufacturing Production (MoM) 

-1.3%

 

-0.2%

 

0.1%

 

 

GBP

 

 

Industrial Production (YoY) 

-3.0%

 

-0.6%

 

-3.2%

 

 

EUR

 

 

ECB President Draghi Speaks 

         

 

 

EUR

 

 

German Industrial Production (MoM) 

-2.6%

 

-0.5%

 

-1.3%

 

 

USD

 

 

Average Hourly Earnings (MoM) 

0.2%

 

0.2%

 

0.0%

 

 

CAD

 

 

Employment Change 

59.3K

 

10.0K

 

1.8K

 

 

CAD

 

 

Labor Productivity (QoQ) 

-0.5%

     

-0.6%

 

 

USD

 

 

Nonfarm Payrolls 

146K

 

93K

 

138K

 

 

USD

 

 

Unemployment Rate 

7.7%

 

7.9%

 

7.9%

 

 

CAD

 

 

Unemployment Rate 

7.2%

 

7.0%

 

7.4%

 

 

USD

 

 

Average Weekly Hours 

34.4

 

34.4

 

34.4

 

 

USD

 

 

Private Nonfarm Payrolls 

147K

 

95K

 

189K

 

 

USD

 

 

Michigan Consumer Sentiment 

 74.5  

82.4

 

82.7

 

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

There are no top tier events schedule for Monday December 10, 2012 ahead of the FOMC two day meeting traders will be watching US lawmakers as the fiscal cliff comes closer.

Government Bond Auction

Date Time Country 

Dec 10 10:10 Norway 

Dec 10 10:10 Slovakia 

Dec 10 15:30 UK 

Dec 10 16:30 Italy  

Dec 11 09:30 Spain 

Dec 11 10:10 Greece 

Dec 11 10:15 Austria 

Dec 11 10:30 Belgium 

Dec 11 10:30 UK 

Dec 11 18:00 US 

Dec 12 10:10 Italy  

Dec 12 10:10 Sweden 

Dec 12 10:30 Swiss 

Dec 12 16:30 US 

Dec 13 01:30 Japan 

Dec 13 09:30 Spain 

Dec 13 10:10 Italy  

Dec 13 10:30 UK 

Dec 13 16:00 US 

Dec 13 18:00 US 

Dec 14 11:00 Belgium 

Dec 14 15:30 UK 

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