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Gold Fundamental Analysis September 16, 2013 ForecastAnalysis and Recommendations: Gold continued to tumble today as European markets saw little action. Gold gave up almost $26 to trade at 1304.80 and may break below the 1300 level. Gold prices fell on Thursday as easing tensions over Syria hurt gold’s safe haven appeal. Fears of tapering by Fed in its policy meet next week and technical selling pushed prices down. US unemployment claims fell to the lowest since April 2006 and put further selling pressure on prices. U.S gold futures trading were momentarily halted at on Thursday by CME Group’s Stop Logic mechanism to prevent large movements. Gold prices are expected to move down as investors are likely to close their positions ahead of the weekend and the policy meet next week.
Gold prices slipped over 3% on Thursday, as better than expected initial jobless claims print released during the day reinforced expectations that the US Federal Reserve will this month start to unwind its monetary stimulus that has bolstered gold prices for the past four years. Prices also came under pressure after an industry survey indicated a bearish outlook for gold prices. Commodity prices are taking a knock ahead of the Federal open market committee meeting next week when the US Federal Reserve will most likely start tapering. Markets are seeing a bit of profit-taking after a solid run yesterday and more profit-taking is therefore expected. There is also some volatility ahead of next week’s Fed meeting. All gold counters are down on lower commodity prices amid risk-off trade.
”Expect jumpy and nervous trade. The return to the focus on the Fed has not been inspired by anything new — it simply seems to be a switch in sentiment. Having obsessed over the Fed for months, the markets experienced a relief rally of sorts this week, but this was never sustainable ahead of next Wednesday’s decision on tapering,” RMB said according to BD Live.
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.
Economic Data September 13, 2013 actual v. forecast
Upcoming Economic Events that affect the CHF, EUR, GBP, CAD and USD
Government Bond Auction
Date Time Country
Sep 16 09:00 Slovakia
Sep 16 09:10 Norway
Sep 17 08:30 Spain
Sep 17 09:30 Belgium
Sep 18 09:10 Sweden
Sep 18 09:30 Germany
Sep 18 09:30 Portugal
Sep 19 08:30 Spain
Sep 19 08:50 France
Sep 19 09:30 UK
Sep 19 09:50 France
Sep 19 15:00 US
Sep 19 17:00 US
Sep 20 15:30 Italy
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