Weekly Analysis and Recommendations: Gold closed the week in the red at 1230.90 falling almost $20 for the week. A report from the US Commerce Department
Weekly Analysis and Recommendations:
Gold closed the week in the red at 1230.90 falling almost $20 for the week. A report from the US Commerce Department showed new home sales to have inched up 0.2% to an annualized rate of 467,000 in September from the revised August rate of 466,000. Economists expected new home sales to drop to a rate of 460,000 from the 504,000 originally reported for the previous month.
In economic news from eurozone, German consumer confidence index rose slightly to 8.5 in November, up from 8.4 in the preceding month, a report from market research group GfK showed. The score was forecast to fall to 8.
Elsewhere in Europe, the UK economy grew at a slower pace in the third quarter in face of rising uncertainty stemming from global economic conditions, preliminary estimates from the Office for National Statistics Office showed Friday. Gross domestic product climbed 0.7% from the second quarter, when it grew 0.9%. The sequential growth rate was in line economists’ expectations.
Gold futures snapped a two-day loss to end higher Friday, on lingering concerns over the health of the eurozone economy, notwithstanding an unexpected improvement in German consumer sentiment in November. On Thursday, gold futures ended down 16.40 or 1.3% at USD1,229.10 an ounce, losing for a second straight session, as some upbeat corporate earnings reports and economic data from China and the eurozone prompted traders to go for riskier assets. A stronger greenback also weighed on the yellow metal.
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.
Historical: From 2011 to present
Highest: 1911.60 on Sep 06, 2011
Average: 1633.45 over this period
Lowest: 1180.35 on Jun 28, 2013
Major Economic Events for the week of October 27-31st
Time |
Cur. |
Imp. |
Event |
Actual |
Forecast |
Previous |
|
Monday, October 27 |
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|
Holiday |
New Zealand – Labour Day |
|||||
|
EUR |
German Ifo Business Climate Index (Oct) |
|
104.3 |
104.7 |
|
|
|
USD |
Pending Home Sales (MoM) (Sep) |
|
0.5% |
-1.0% |
|
|
Tuesday, October 28 |
|||||||
|
USD |
Core Durable Goods Orders (MoM) (Sep) |
|
0.5% |
0.4% |
|
|
|
USD |
CB Consumer Confidence (Oct) |
|
87.0 |
86.0 |
|
|
Wednesday, October 29 |
|||||||
NZD |
Interest Rate Decision |
|
3.50% |
3.50% |
|
||
Thursday, October 30 |
|||||||
|
EUR |
German Unemployment Change (Oct) |
|
5K |
13K |
|
|
|
USD |
GDP (QoQ) (Q3) |
|
3.0% |
4.6% |
|
|
Friday, October 31 |
|||||||
|
EUR |
CPI (YoY) (Oct) |
|
0.4% |
0.3% |
|
|
|
CAD |
GDP (MoM) (Aug) |
|
|
|
Upcoming Government Bond Auctions
Date Time Country
Oct 27 12:30 Germany Eur 2.0bn new 12M Bubill (Oct 2015) auction
Oct 27 18:30 Italy Announces details of BTP/CCTeu auctions on Oct 30
Oct 27 12:10 Italy BTPei/CTZ auctions
Oct 28 12:10 Italy BOT auction
Oct 28 19:00 US 2Y Note auction
Oct 29 12:03 Sweden Bond auction
Oct 29 12:30 Germany Eur 4.0bn Aug 2024 Bund auction
Oct 29 17:30 US 2Y FRN auction
Oct 29 19:00 US 5Y Note auction
Oct 30 12:10 Italy BTP/CCTeu auctions
Oct 30 19:00 US 7Y Note auction