Gold rise and fall reasons from 13-17 August

Gold price technical analysis 17 - June, 2013

Gold rise and fall reasons from 13-17 August  –

Gold futures ended the session on Friday, with the support of high current expectations that central banks around the world will soon announce additional stimulus measures to help stimulate the weak global growth.

 

In the COMEX division of the New York Mercantile Exchange, the futures trading of gold for October delivery at stability at 620.25, $ 1 per ounce before the market closed on Friday.

 

Earlier in the day, the prices of the session 1,626.85 USD/troy an ounce, its highest level since July 31. , and gold futures rose by 0.85%.

 

The futures contracts for gold is likely to find support at 1.603.95 USD/troy per ounce, the lowest price since Aug. 8 and in the near term resistance at 1,629.25, USD/Troy per ounce from the highest price since July 31.

 

The data showed on Friday that China’s exports grew only by 1.0% per year in July, down from 11.3% gain seen in June, while imports rose by 4.7% annually over the years, down from 6.3% in June.

 

Increased because of fears of weak economic data from China, which increased speculation of a slowdown in the second largest economy in the world, which boosted demand for the dollar and the yen as a safe haven.

 

Earlier this week, confirmed the German data that weaker-than-Usual concerns about the impact of the debt crisis on the long-largest economy in the region.

 

On Thursday, European Central Bank said in its monthly report that the economic outlook for the euro area faces a number of downside risks, with the tensions in financial markets and their potential impact on growth, which constitute the main threat of gold.

 

Reduce the European Central Bank economic growth forecast by 0.6% in 2013, down from 1% in the past and is expected to shrink by 0.3% in growth this year, slightly worse than its previous forecast contraction of 0.2%.

 

At the same time, optimism faded that the ECB (European central bank) will move soon to lower the high costs of borrowing the Spanish and Italian as investors waited for details of the proposed Bank program to buy bonds.

 

Euro ended the week down in the vicinity of one week against the dollar and the yen, with EUR / USD rate of 0.13% on Friday, to close at 1.2287 and EUR / JPY by 0.53% to record 96.15.

 

Sterling ended the week higher against the dollar, after the said Governor of the Bank of England Mervyn King, that it is not likely to be cutting interest rates in the coming months, saying it would hurt some financial institutions.

 

However, the deteriorated outlook for sterling after the Bank of England said the economy will grow slowly in the UK this year, and cut its forecast for the coming years in its quarterly inflation report.

 

And ignore the employment data the Canadian dollar weaker-than-expected on Friday, and gains in crude oil exports of the country’s largest, which raised the highest level of currency in three months against the dollar.

 

The Australian dollar ended the week at an altitude of nearly four-month high against the dollar and the all-time highs against the euro, after the Reserve Bank of Australia raised its forecast for growth in demand for consumer goods in 2012 stronger than expected.

 

Warned the Regional Bureau for Africa of the strength of the Australian dollar may affect the economy more than it was in the past.

 

This week, market participants awaited growth data during the second quarter of the euro area and await the results of the minutes of the Central Bank and the Bank of Japan and the Bank of England, amid persistent speculation that the world’s central banks may take steps to support economic growth.

 

Investors will be watching and also retail sales data in the United States, inflation, housing, in an attempt to assess the strength of the U.S. economic recovery.

 

Before next week, has compiled a list of these Forex events and other events that are likely to affect the markets.

 

Monday, August 13

 

Japan will publish preliminary data for GDP for the second quarter, which is the broadest measure of economic activity, and a measure essential to the health of the economy which could rise the gold.

 

Tuesday, August 14

 

New Zealand will publish official data on retail sales, a key measure of consumer spending, while Australia is a report on business confidence, followed by the official data on new car sales.

 

Bank of Japan will publish the minutes of the last meeting to develop policies which will be monitored closely for any signs about the central bank to further ease monetary policy. Japan will also publish government data on Tertiary Industry Activity, a leading indicator of economic health.

 

In the UK will be published official data on consumer price inflation, which represents the majority of general inflation, as well as industry data on inflation in house prices, a key indicator of demand in the housing sector.

 

Switzerland will publish official data on producer price inflation, which is an important indicator of consumer inflation.

 

The euro zone will publish official data on industrial production, as well as preliminary data for GDP in the second quarter, while Germany and France will publish reports on the gross domestic product and the whole of the members. In addition, it will ZEW Center for Economic Research published a report about the economic outlook in Germany and throughout the mass of the single currency.

 

Suspended in later today, the U.S. will publish official data on retail sales and producer price inflation, followed by data on business inventories.

 

Wednesday, August 15

 

Australia will publish official data on inflation in the prices of wages, as well as a report on consumer confidence, a leading indicator of consumer spending.

 

In the euro area, the remaining markets in France and Italy are closed because of a national holiday.

 

The United Kingdom will publish official data on changes in the number of unemployed and the unemployment rate, while the Bank of England will publish the minutes of a meeting to develop a policy for the month of August, which will be monitored closely for clues about other measures to ease cash.

 

The United States will publish official data on inflation in consumer prices, as well as a report on manufacturing activity in the New York area and the government data on securities transactions. Federal Reserve Board will publish data on the utilization rate and industrial production, followed by a government report on crude oil inventories.

 

Thursday, August 16

 

Australia will report on human beings inflation expectations, which can indicate the future path of inflation in consumer prices.

 

The euro zone will publish official data on consumer price inflation, which represents the majority of overall inflation.

 

Elsewhere in Europe, the United Kingdom will be published official data on retail sales, while Switzerland will publish a report on the ZEW economic expectations, a leading indicator of economic health.

 

Later in the day, Canada will publish official data on purchases of foreign securities, and the sales of the manufacturing industries, a leading indicator of economic health.

 

The United States will publish official data on building permits, a leading indicator of construction activity in the future, as well as government data on weekly jobless claims. It will also publish official data on housing and a report on manufacturing activity in the Philadelphia area.

 

Friday, August 17

 

New Zealand will publish official data on producer price inflation, a leading indicator of consumer inflation.

 

In the euro zone, European Central Bank will publish data on the current account, while Germany will publish official data on producer price inflation.

 

Later in the day, Canada will publish official data on inflation in consumer prices.

 

The United States will this week surrounded the preliminary report by the University of Michigan on consumer confidence and inflation expectations.