Precious Metals Fundamental Analysis – November 13, 2015 – Forecast – Gold, Silver & Platinum

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Updated: Nov 12, 2015, 11:19 UTC

Analysis and Recommendations: Gold is a bit higher but has given back most of its gains in the Asian session and is trading at 1086.80 while Silver soared

Precious Metals Fundamental Analysis – November 13, 2015 – Forecast - Gold, Silver & Platinum

Analysis and Recommendations:

Gold is a bit higher but has given back most of its gains in the Asian session and is trading at 1086.80 while Silver soared 107 points to 14.37 as trades took advantage of the steep declines to buy up the white metal. Platinum eased $1.65 against the stronger US dollar which gained 10 points today to trade at 99.16.

The demand for gold in India in the quarter to September increased 13% to 268.1 tonnes from 238.2 tonnes a year ago, according to the World Gold Council. In value terms, the demand went up 5.8% to Rs 62,939 crore.

The council has pegged the gold demand for the full year at 850-950 tonnes, up from 811 tonnes in 2014. “A softening of prices at the beginning of the quarter led to consumers buying in advance for the festive and wedding season ahead,” said World Gold Council.

A huge deposit holding at least 470 tons of gold has been discovered beneath the seabed of the East China Sea.

The largest deposit is located two kilometers below sea level in an area with estimated reserves of at least 1,500 tons of gold. It was discovered in the Laizhou city which has the largest gold reserves in China. More than 2,000 tons of gold has been found there recently.

Gold slid for 10 out of 11 sessions as of Wednesday. The next major support level for gold is at a five-and-a-half-year low of $1,077 reached in July, analysts have said. Traders will be eyeing remarks by at least six Fed officials at various events later in the day for signals on economic growth and the US central bank’s monetary policy.

Fed chairwoman Janet Yellen and vice-chairman Stanley Fischer will also be speaking.

Focus will also be on economic data. New US applications for unemployment benefits are likely to have fallen last week, according to a Reuter’s survey, almost reversing the previous week’s increase, suggesting the labour market recovery continued to gain momentum in early November

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
NZD	Business NZ PMI (Oct)	53.3		55.4
GBP	RICS House Price Balance (Oct)	49%	45%	44%
AUD	Employment Change (Oct)	58.6K	15.0K	-0.8K
AUD	Full Employment Change (Oct)	40.0K		-10.4K
AUD	Unemployment Rate (Oct)	5.9%	6.2%	6.2%
EUR	German CPI (MoM) (Oct)	0.0%	0.0%	0.0%
CNY	New Loans	514.0B	800.0B	1,050.0B
EUR	ECB President Draghi Speaks
EUR	Industrial Production (MoM) (Sep)		-0.1%	-0.5%
USD	Initial Jobless Claims		270K	276K
USD	FOMC Member Bullard Speaks
USD	Fed Chair Yellen Speaks
USD	JOLTs Job Openings (Sep)		5.370M	5.370M
USD	Crude Oil Inventories		1.016M	2.847M
USD	FOMC Member Dudley Speaks

Upcoming Economic Events that you should be monitoring:

Friday, November 13, 2015

Cur.	Event	Actual	Forecast	Previous
JPY	Industrial Production (MoM) (Sep)		1.0%	1.0%
JPY	Tertiary Industry Activity Index		0.2%	0.1%
EUR	German GDP (YoY) (Q3)		1.8%	1.6%
EUR	German GDP (QoQ) (Q3)		0.3%	0.4%
EUR	GDP (YoY) (Q3)		1.7%	1.5%
EUR	GDP (QoQ) (Q3)		0.4%	0.4%
EUR	Trade Balance (Sep)		18.2B	11.2B
USD	Core PPI (MoM) (Oct)		0.1%	-0.3%
USD	Core Retail Sales (MoM) (Oct)		0.4%	-0.3%
USD	PPI (MoM) (Oct)		0.2%	-0.5%
USD	Retail Sales (MoM) (Oct)		0.3%	0.1%
USD	Business Inventories (MoM) (Sep)		0.1%	0.0%
USD	Michigan Consumer Expectations		84.0	82.1
USD	Michigan Consumer Sentiment (Nov)		91.5	90.0
USD	FOMC Member Mester Speaks
USD	Baker Hughes U.S. Rig Count			572