Gold Fundamental Analysis August 8, 2013 Forecast

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Updated: Aug 22, 2015, 07:00 GMT+00:00

Analysis and Recommendations: Gold continued to ease trading at 1277.60 down by just under $5 as more Federal Reserve members publically announced their

Gold Fundamental Analysis August 8, 2013 Forecast

Analysis and Recommendations:

Gold continued to ease trading at 1277.60 down by just under $5 as more Federal Reserve members publically announced their support of tapering come September. Gold in the global market slipped to three week low after comments on US monetary stimulus by Charles Evans, president of the Chicago Federal Reserve Bank on Tuesday. Positive economic data releases from major economies of the world were also seen pressuring the yellow metal prices to certain extent. US Federal Reserve may cut its monetary stimulus as early as possible later this year depending on the progress in the economy, said Charles Evans, president of the Chicago Federal Reserve Bank on Tuesday.

Holding in SPDR Gold Trust declined 0.23 percent to 915.04 tons on Tuesday. In Germany, factory orders increased in June to 3.8% when compared to the forecasts for an increase of 1.0, according to preliminary data released on Tuesday by Federal Ministry of Economics and Technology.

UK industrial production rose to 1.2% in June 2013, higher when compared to June 2012 (year-on-year basis) while industrial output rose 1.1% between May 2013 and June 2013 (month-on-month basis), according to the data released by the Office for National Statistics on Tuesday. Market analysts said the fall in gold futures was mostly attributed to a weakening trend in the global market as better-than-expected US trade data fueled concern the Federal Reserve may reduce its bond purchases this year, reducing stimulus from the economy.

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 August 7, 2013 actual v. forecast

Date

Currency

Event

Actual

Forecast

Previous

Aug. 07

AUD

Home Loans (MoM)

2.7%

2.0%

1.7%

CHF

SECO Consumer Climate

-9

1

-5

CHF

Swiss CPI (MoM)

-0.4%

-0.4%

0.1%

CHF

Swiss CPI (YoY)

0.0%

-0.1%

GBP

BoE Inflation Report

EUR

German Industrial Production (MoM)

2.4%

0.3%

-0.8%

BRL

Brazilian CPI (YoY)

6.23%

6.70%

CAD

Building Permits (MoM)

-3.0%

4.5%

CAD

Ivey PMI

57.0

55.3

Upcoming Economic Events that affect the CHF, EUR, GBP, CAD and USD

Date	Time	Currency	Event	Forecast	Previous
Aug. 08	07:00	EUR	German Trade Balance	14.9B	14.1B
	08:00	EUR	Spanish Industrial Production (YoY)	-1.2%	-1.3%
	08:30	EUR	Dutch CPI (YoY)	2.40%	2.90%
	11:00	EUR	Irish CPI (MoM)		0.10%