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Precious Metals Fundamental Analysis April 29, 2015 – Forecast – Gold, Silver & Platinum

Precious Metals Fundamental Analysis April 29, 2015 – Forecast - Gold, Silver & Platinum

Precious Metals Fundamental Analysis April 29, 2015 – Forecast – Gold, Silver & Platinum

Analysis and Recommendations:

Gold held on tightly to the 1200 level today but gave back some on Monday’s gains to trade at 1200.50 while Silver fell 66 points but also stayed above its support level to trade at 16.373. Platinum was down over $12 at 1141.10 the hardest hit of the metals today.  Gold was more or less flat on Tuesday as the dollar edged lower ahead of a US Federal Reserve policy meeting that could provide direction on when interest rates will rise.

Recent sluggish economic data from the US led the market to expect the Fed will probably not act until later in the year. The Fed’s two-day meeting starts on Tuesday, with a statement scheduled for release on Wednesday.

Interest rates at rock-bottom levels have benefited gold during the years after the 2008-09 financial crisis as the metal does not bear any interest. Conversely, a rate hike could dent demand for bullion as investors’ appetite for non-yielding assets diminish.

Traders were also monitoring debt talks in Greece after Prime Minister Alexis Tsipras reshuffled his team handling talks with European and International Monetary Fund lenders, a move seen as a step closer to securing fresh funding. Options-related buying also buoyed prices on Monday as US May options expired at the end of the day with relatively heavy open interest at the $1,200 strike price, traders said.

In the physical markets, demand eased on Tuesday as the price neared the key $1,200 level.

ForexTraq 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 actual vs. forecast:

Cur.

 

Event

Actual

Forecast

Previous

 

  AUD

 

RBA Governor Stevens Speaks 

 

 

 

 

 

  JPY

 

Retail Sales (YoY) (Mar)

-9.7%

-7.3%

-1.7%

   

  GBP

 

BBA Mortgage Approvals

 

37.9K

37.3K

 

 

  GBP

 

GDP (YoY) (Q1)  

2.4%

2.6%

3.0%

 

 

  GBP

 

GDP (QoQ) (Q1)  

0.3%

0.5%

0.6%

 

 

Silver(60 minutes)20150428115421 Gold(60 minutes)20150428115407

Upcoming Economic Events that you should be monitoring:

Wednesday, April 29, 2015

Cur.

 

Event

Actual

Forecast

Previous

 

  USD

 

API Weekly Crude Stock

 

 

5.500M

 

 

  NZD

 

Trade Balance (MoM) (Mar)

 

341M

50M

 

 

  NZD

 

ANZ Business Confidence (Apr)

 

 

35.8%

 

 

  GBP

 

Nationwide HPI (MoM) (Apr)

 

0.2%

0.1%

 

 

  EUR

 

German CPI (MoM) (Apr)  

 

-0.1%

0.5%

 

 

  USD

 

GDP (QoQ) (Q1)  

 

1.0%

2.2%

 

 

  USD

 

GDP Price Index (QoQ)  

 

0.5%

0.1%

 

 

  CAD

 

RMPI (MoM) (Mar)

 

-1.8%

6.1%

 

 

  USD

 

Pending Home Sales (MoM)

 

1.0%

3.1%

 

 

  USD

 

Crude Oil Inventories

 

1.333M

5.315M

 

 

  USD

 

FOMC Statement  

 

 

 

 

 

  USD

 

Fed Funds Target Rate

 

0.25%

0.25%

   

Government Bond Auctions

Date Time Country

Apr 29 11:10 Italy Auctions BTPs

Apr 29 11:30 Germany Eur 4bn 0.0% Apr 2020 Bobl

Apr 29 11:30 UK 3bn 2% Sep 2025 Conventional Gilt

Apr 29 16:30 Sweden Details bond auction on 06 May

Apr 29 19:00 US 15bn 2-yr FRN, plus 29bn 7-yr Notes

May 05 11:15 Austria Holds RAGB bond sale

May 06 11:03 Sweden Holds bond auction

May 06 11:30 Germany Eur 5bn Jun 2017 Schatz

May 07 10:30 Spain Auctions Bonos

May 07 11:10 France Auctions OATs

May 07 11:10 Sweden Holds inflation-linked bond auction

May 08 12:00 Norway Details bond auction on 12 May

May 08 17:30 Italy Announces details of BTP/CCTeu on 13 Ma

 

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