Gold Weekly Fundamental Analysis December 31, 2012 – January 4, 2013, Forecast

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Updated: Aug 21, 2015, 02:00 UTC

Weekly Analysis and Recommendations: Gold tells a boring sleepy tale this week, as expected, traders were sidelined ahead of the holidays and remained so

Gold Weekly Fundamental Analysis December 31, 2012 – January 4, 2013, Forecast

Weekly Analysis and Recommendations:

Gold tells a boring sleepy tale this week, as expected, traders were sidelined ahead of the holidays and remained so selling off to book profits before unknown take changes take place. This cycle, gold does not seem to be the safe haven of choice as traders are moving into the US dollar for safety as the JPY continues to dive. Gold opened the week at 1658.85 and closed the week at 1656.45 down just about 2.00 for the short holiday week

Date	Last	Open	High	Low	Change %
Dec 28, 2012	1656.45	1662.75	1665.75	1654.15	-0.37%
Dec 27, 2012	1662.65	1659.25	1666.95	1653.25	0.20%
Dec 26, 2012	1659.35	1652.32	1668.45	1652.22	0.43%
Dec 25, 2012	1652.29	1656.25	1658.13	1651.37	-0.41%
Dec 24, 2012	1659.15	1658.85	1666.45	1652.75	0.01%

Gold edged lower on Friday ahead of talks to prevent the United States from plunging off a “fiscal cliff” of tax increases and spending cuts, but prices remained on track for their first weekly gain in a month. Failure to clinch a deal in the US could trigger safe-haven buying of bullion, but if the White House and Congress finally reach an agreement, gold may track stock markets higher. It has come off a 4-month low of $1,635.09 struck on Dec. 20, but remains well below a record high of around $1,920 hit in September 2011. For the year, gold is up around 6 percent, but well below a record of around $1,920 touched in September 2011, when a worsening debt crisis in Europe sparked a buying rush.

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 December 24 -28 actual v. forecast for Euro, GPB, the Franc, and USD

Date	Currency	Event	Actual	Forecast	Previous
Dec. 27	GBP	BBA Mortgage Approvals	33.6K	34.6K	33.1K
	USD	Initial Jobless Claims	350K	360K	362K
	USD	Continuing Jobless Claims	3206K	3200K	3238K
	USD	CB Consumer Confidence	65.1	70.0	71.5
	USD	New Home Sales	377K	378K	361K
Dec. 28	EUR	French Consumer Spending (MoM)	0.2%	0.1%	-0.1%
	EUR	French GDP (QoQ)	0.1%	0.2%	0.2%
	EUR	Italian 10-Year BTP Auction	4.48%		4.45%
	USD	Chicago PMI	51.6	51.0	50.4
	USD	Pending Home Sales (MoM)	1.7%	1.0%	5.0%

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
Jan. 01	01:00	CNY	Chinese Manufacturing PMI	51.00	50.60
Jan. 02	00:00	EUR	German CPI (MoM)	0.7%	-0.1%
	00:00	EUR	German CPI (YoY)	1.9%	1.9%
	08:00	CHF	KOF Leading Indicators	1.38	1.50
	15:00	USD	ISM Manufacturing Index	50.2	49.5
Jan. 03	08:00	CHF	KOF Leading Indicators	1.35	1.50
	08:30	CHF	SVME PMI	48.5	48.5
	08:55	EUR	German Unemployment Change	10K	5K