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Precious Metals Fundamental Analysis – August 10, 2015 – Forecast – Gold, Silver & Platinum

By:
Barry Norman
Updated: Aug 7, 2015, 10:16 UTC

Analysis and Recommendations: Gold edged up $2 ahead of the Nonfarm payroll report due in the US session as traders begin to take position hedging their

Precious Metals Fundamental Analysis – August 10, 2015 – Forecast – Gold, Silver & Platinum

Precious Metals Fundamental Analysis – August 10, 2015 – Forecast - Gold, Silver & Platinum
Precious Metals Fundamental Analysis – August 10, 2015 – Forecast - Gold, Silver & Platinum
Analysis and Recommendations:

Gold edged up $2 ahead of the Nonfarm payroll report due in the US session as traders begin to take position hedging their bets. Gold is trading at 1092.30 while Silver added 73 points to 14.75. Platinum dipped slightly falling 45 cents to 955.55.

Gold demand in Asia picked up modestly this week as global prices wallowed near multi-year lows, but buyers in the world’s biggest consuming region for the precious metal were in no hurry as they waited for the market to weaken further.

Gold has languished mostly below $1,100 an ounce since breaching that support level in a July 20 rout, sinking as far as $1,077 on July 24, its weakest since February 2010.

Bullion is en route to fall for a seventh straight week, its longest retreat since 1999, with investors looking ahead to Friday’s U.S. nonfarm payrolls data that may help determine how soon the Federal Reserve will raise interest rates.

Gold steadied near a five-and-a-half-year low on Friday and was on track to show a loss for the seventh consecutive week, its longest such slump since 1999, ahead of US data that may determine how soon the Federal Reserve raises interest rates.

A strong jobs number would fan speculation that the Fed will raise rates in September, which is likely to pull noninterest-bearing gold to fresh lows.

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.

Today’s economic releases:

Cur.

 

Event

Actual

Forecast

Previous

 

  AUD

 

Home Loans (MoM) (Jun)

4.4%

5.0%

-7.3%

   

  AUD

 

RBA Monetary Policy Statement 

 

 

 

 

 

  CHF

 

Unemployment Rate n.s.a. (Jul)

3.1%

3.1%

3.1%

 

 

  CHF

 

Unemployment Rate (Jul)

3.3%

3.3%

3.3%

 

 

  EUR

 

German Industrial Production (MoM)

-1.4%

0.3%

0.2%

 

 

  EUR

 

German Trade Balance (Jun)

24.0B

21.5B

19.5B

   

  JPY

 

BoJ Press Conference  

 

 

 

 

 

  GBP

 

Trade Balance (Jun)

 

-9.30B

-8.00B

 

 

  GBP

 

Trade Balance Non-EU (Jun)

 

-2.40B

-1.57B

   

Gold(15 minutes)20150807055826

Upcoming Economic Events that you should be monitoring:

Monday, August 10, 2015

 

Event

 

 

Previous

   

 

JPY

Eco Watchers Survey: Current (Jul)

   

51

   

JPY

Eco Watchers Survey: Outlook (Jul)

   

53.5

   

USD

Labor Market Conditions Index (Jul)

   

0.8

   

NZD

Electronic Card Retail Sales (MoM)

   

0.5%

   

NZD

Electronic Card Retail Sales (YoY)

   

5%

   

GBP

BRC Retail Sales Monitor – All (YoY)

   

1.8%

   
                       

Government Bond Auctions

Date Time Country

Aug 10 17:30 Italy Announces details of BTP/CCTeu on 13 Aug

Aug 11 11:30 UK Auctions 0.125% 2058 I/L Gilt

Aug 12 11:30 Germany Eur 4bn Aug 2025 Bund

Aug 13 11:10 Italy Auctions BTPs/CCTeus

Aug 19 11:30 Germany Eur 5bn Sep 2017 Schatz

Aug 19 11:03 Sweden Holds bond auction

Aug 20 10:30 Spain Auctions Bonos/Obligaciones

Aug 20 11:30 UK Auctions 4.25% 2036 Gilt

Aug 21 17:30 Italy Announces details of CTZ/BTPei on 26 Aug

 

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