Gold Fundamental Analysis December 4, 2012, Forecast

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Updated: Aug 20, 2015, 23:00 UTC

Analysis and Recommendations: Gold climbed today to trade at 1717.25 adding 4.55, but was outpaced by silver as the metals pack was very strong today.

Gold Fundamental Analysis December 4, 2012, Forecast

Analysis and Recommendations:

Gold climbed today to trade at 1717.25 adding 4.55, but was outpaced by silver as the metals pack was very strong today. Signals of improving prospects of Chinese economic growth bettered the overall market sentiments though caution prevailed in the market on uncertainty over the US fiscal situation.

The trend was mixed in the major global commodities. Gold ticked up from the previous session declines buoyed by a stronger euro that hit a six week high earlier today, but ruled mostly flat around $1718 an ounce as uncertainty pertaining to the US fiscal crisis weighed on.

Holdings of SPDR Gold Trust stood at a record high of 1,347 tonnes, up nearly 11 tonnes in its fourth consecutive month of gains. Gold is expected to move up as uncertainty about the US budget deal and weaker dollar against euro can show some buying in Gold. Gold in India is expected to move up as demand from wedding season and expected weaker rupee later can push the prices higher.

Investor sentiment was seen optimistic after Chinese Manufacturing data rose to its highest reading in 7 months signaling manufacturing activity is still on track of expansion. Also, buoying the mood was Greece offering to buy back as much as 10 billion euros ($13 billion) of bonds

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 3, 2012 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Dec. 03

AUD

Company Gross Operating Profits (QoQ)

-2.9%

-2.5%

-0.3%

AUD

Retail Sales (MoM)

0.0%

0.4%

0.5%

CNY

Chinese HSBC Manufacturing PMI

50.50

50.40

JPY

BoJ Governor Shirakawa Speaks

TRY

Turkish CPI (MoM)

0.38%

0.91%

1.96%

CHF

Retail Sales (YoY)

2.7%

4.1%

5.4%

CHF

SVME PMI

48.5

47.0

46.1

EUR

Italian Manufacturing PMI

45.10

45.90

45.50

EUR

French Manufacturing PMI

44.5

44.7

EUR

German Manufacturing PMI

46.8

46.8

EUR

Manufacturing PMI

46.2

46.2

GBP

Manufacturing PMI

49.1

48.1

47.3

USD

ISM Manufacturing Index

52.80

51.3

51.7

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

Date	Time	Currency	Event	Forecast	Previous
Dec. 05	10:00	EUR	Retail Sales (MoM)	-0.1%	-0.2%
	13:15	USD	ADP Nonfarm Employment Change	125K	158K
	13:30	USD	Nonfarm Productivity (QoQ)	2.7%	1.9%
	13:30	USD	Unit Labor Costs (QoQ)	-0.9%	-0.1%
	15:00	USD	ISM Non-Manufacturing Index	53.5	54.2
Dec. 06	08:15	CHF	CPI (MoM)		0.1%
	09:30	GBP	Trade Balance	-8.8B	-8.4B
	10:00	EUR	GDP (QoQ)	-0.1%	-0.1%
	11:00	EUR	German Factory Orders (MoM)	0.9%	-3.3%
	12:00	GBP	Interest Rate Decision	0.50%	0.50%
	12:00	GBP	BOE QE Total	375B	375B
	12:45	EUR	Interest Rate Decision	0.75%	0.75%
Dec. 07	09:30	GBP	Industrial Production (MoM)	0.7%	-1.7%
	09:30	GBP	Manufacturing Production (MoM)	-0.2%	0.1%
	09:30	GBP	Industrial Production (YoY)	-0.6%	-2.6%
	11:00	EUR	German Industrial Production (MoM)	-0.5%	-1.8%