Weekly Analysis and Recommendations: Gold closed the week at 1716.55 down from the high of the week at 1754.65. Gold held in a tight range in the early
Gold closed the week at 1716.55 down from the high of the week at 1754.65. Gold held in a tight range in the early part of the week, when technical selling kicked in on Wednesday and markets saw several million ounces of gold unloading in just minutes. Gold tumbled from 1744.45 the morning open to hit a low of 1708.35. Over the next few days gold clawed its way back as traders took advantage of the price drop to grab up gold at what is thought to be cheap prices, with the US dollar wavering mid week.
Date |
Last |
Open |
High |
Low |
Change % |
Nov 30, 2012 |
1716.55 |
1728.05 |
1733.65 |
1710.45 |
-0.66% |
Nov 29, 2012 |
1727.95 |
1724.45 |
1730.65 |
1720.15 |
0.19% |
Nov 28, 2012 |
1724.65 |
1744.45 |
1745.55 |
1708.35 |
-1.13% |
Nov 27, 2012 |
1744.35 |
1752.05 |
1754.15 |
1742.95 |
-0.43% |
Nov 26, 2012 |
1751.95 |
1752.95 |
1754.65 |
1748.35 |
-0.05% |
Tensions over fiscal cliff which is seen escalating day by day pushed the gold prices down for the week. Adding to it was acceptance of second round of installment for Greece bailout by Eurozone which reduced the safe haven appeal for gold and dragged the prices down. Gold fell the most in the month during last week major reason was the deflation fear related to US fiscal cliff and worries about implementation of the Greece debt fund reduced the risk appetite of investors Until any common decision is being made republicans and democrats in US Gold can be still seen higher as the safe haven appeal for gold can be seen escalating in near term. Expect gold prices to move higher this week as worries about fiscal cliff and Nonfarm payroll numbers this week can show some sign of improvement in US leading a decision on the upcoming crisis
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 recent analysis and information in our weekly reports and we provide daily updates and outlooks.
Major Economic Events for the week of November 26 – 30 actual v. forecast for Euro, GPB, the Franc, and USD
Date |
Currency |
Event |
Actual |
Forecast |
Previous |
Nov. 26 |
CHF |
Employment Level |
4.12M |
4.09M |
4.07M |
|
EUR |
GfK German Consumer Climate |
5.9 |
6.2 |
6.1 |
Nov. 27 |
GBP |
Business Investment (QoQ) |
3.7% |
1.3% |
0.9% |
|
GBP |
GDP (QoQ) |
1.0% |
1.0% |
1.0% |
|
GBP |
GDP (YoY) |
-0.1% |
0.0% |
0.0% |
|
USD |
Core Durable Goods Orders (MoM) |
1.5% |
-0.5% |
1.7% |
|
USD |
Durable Goods Orders (MoM) |
0.0% |
-0.6% |
9.2% |
|
USD |
CB Consumer Confidence |
73.7 |
73.0 |
73.1 |
Nov. 28 |
EUR |
German CPI (MoM) |
-0.1% |
-0.1% |
0.0% |
|
EUR |
German CPI (YoY) |
1.9% |
1.9% |
2.0% |
|
USD |
New Home Sales |
368K |
390K |
369K |
Nov. 29 |
CHF |
GDP (QoQ) |
0.6% |
0.2% |
-0.1% |
|
GBP |
Nationwide HPI (MoM) |
0.0% |
0.1% |
0.6% |
|
EUR |
German Unemployment Change |
5K |
15K |
19K |
|
EUR |
Italian 10-Year BTP Auction |
4.45% |
4.92% |
|
|
GBP |
CBI Distributive Trades Survey |
33 |
18 |
30 |
|
USD |
Initial Jobless Claims |
393K |
390K |
416K |
|
USD |
GDP (QoQ) |
2.7% |
2.8% |
2.0% |
|
USD |
Continuing Jobless Claims |
3287K |
3323K |
3357K |
|
USD |
Pending Home Sales (MoM) |
5.2% |
0.8% |
0.4% |
Nov. 30 |
EUR |
French Consumer Spending (MoM) |
-0.2% |
-0.1% |
0.1% |
|
CHF |
KOF Leading Indicators |
1.50 |
1.60 |
1.64 |
|
EUR |
CPI (YoY) |
2.2% |
2.4% |
2.5% |
|
USD |
Core PCE Price Index (MoM) |
0.1% |
0.2% |
0.1% |
|
USD |
Personal Spending (MoM) |
-0.2% |
0.2% |
0.8% |
Historical: From 2010 to present
Highest: 1921.05 on Sep 06, 2011
Average: 1457.33 over this period
Lowest: 1044.85 on Feb 05, 2010
Economic Highlights of the coming week that affect the Euro, GBP, CHF and the USD
Date |
Time |
Currency |
Event |
Forecast |
Previous |
Dec. 03 |
08:15 |
CHF |
4.1% |
5.4% |
|
|
08:30 |
CHF |
47.0 |
46.1 |
|
|
15:00 |
USD |
51.3 |
51.7 |
|
Dec. 05 |
10:00 |
EUR |
-0.1% |
-0.2% |
|
|
13:15 |
USD |
125K |
158K |
|
|
13:30 |
USD |
2.7% |
1.9% |
|
|
13:30 |
USD |
-0.9% |
-0.1% |
|
|
15:00 |
USD |
53.5 |
54.2 |
|
Dec. 06 |
08:15 |
CHF |
0.1% |
||
|
09:30 |
GBP |
-8.8B |
-8.4B |
|
|
10:00 |
EUR |
-0.1% |
-0.1% |
|
|
11:00 |
EUR |
0.9% |
-3.3% |
|
|
12:00 |
GBP |
0.50% |
0.50% |
|
|
12:00 |
GBP |
375B |
375B |
|
|
12:45 |
EUR |
0.75% |
0.75% |
|
Dec. 07 |
09:30 |
GBP |
0.7% |
-1.7% |
|
|
09:30 |
GBP |
-0.2% |
0.1% |
|
|
09:30 |
GBP |
-0.6% |
-2.6% |
|
|
11:00 |
EUR |
-0.5% |
-1.8% |
Government Bond Auction
Date Time Country
Dec 03 10:30 Germany
Dec 04 01:30 Japan
Dec 04 10:30 Belgium
Dec 04 15:30 UK
Dec 05 09:30 Spain
Dec 05 10:30 Germany
Dec 05 11:00 Norway
Dec 05 15:30 Sweden
Dec 06 01:30 Japan
Dec 06 09:50 France
Dec 06 16:00 US
Dec 07 16:30 Italy