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
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 |
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AUD |
Home Loans (MoM) (Jun) |
4.4% |
5.0% |
-7.3% |
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AUD |
RBA Monetary Policy Statement |
|
|
|
|
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CHF |
Unemployment Rate n.s.a. (Jul) |
3.1% |
3.1% |
3.1% |
|
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CHF |
Unemployment Rate (Jul) |
3.3% |
3.3% |
3.3% |
|
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EUR |
German Industrial Production (MoM) |
-1.4% |
0.3% |
0.2% |
|
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EUR |
German Trade Balance (Jun) |
24.0B |
21.5B |
19.5B |
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JPY |
BoJ Press Conference |
|
|
|
|
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GBP |
Trade Balance (Jun) |
|
-9.30B |
-8.00B |
|
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GBP |
Trade Balance Non-EU (Jun) |
|
-2.40B |
-1.57B |
Upcoming Economic Events that you should be monitoring:
Monday, August 10, 2015
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Event |
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|
Previous |
|
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JPY |
Eco Watchers Survey: Current (Jul) |
51 |
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JPY |
Eco Watchers Survey: Outlook (Jul) |
53.5 |
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USD |
Labor Market Conditions Index (Jul) |
0.8 |
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NZD |
Electronic Card Retail Sales (MoM) |
0.5% |
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NZD |
Electronic Card Retail Sales (YoY) |
5% |
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GBP |
BRC Retail Sales Monitor – All (YoY) |
1.8% |
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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