During last week, gold and silver prices remained nearly unchanged, despite the FOMC decision to commence with QE3. There were several reports that were published during last week that may have had a modest effect on the bullion market. These reports were: the Philly Fed index rose by 5 points but was still negative; U.S housing starts rose in August by 2.3% while building permits declined by 1%; U.S jobless claims remained high at 382k. Here is a short outlook for September 24th to 28th.
The video report has an outlook of gold and silver for the main publications and events that may affect precious metals during September 24th to 28th. Some of these reports include:
Tuesday – U.S Consumer Confidence: according to the recent monthly update, the consumer confidence index fell in August (M-o-M). The current expectations are that the July index may rise; this report might affect commodities markets;
Wednesday – U.S. New Home Sales: in the previous report (regarding July 2012), the sales of new homes rose to an annual rate of 372,000 – a 3.6% gain (month over month); if the number of home sales will continue to rise, it may further indicate a sign of some recovery in the U.S real estate market which may also affect the strength of the USD;
Thursday – U.S Core Durable Goods: As of July, new orders of manufactured durable goods rose by $9.4 billion to $230.7 billion; if this report will continue to be positive then it could pull up not only the US dollar but also commodities;
Thursday – Final U.S GDP 2Q 2012 Estimate: This will be the final estimate of U.S’s second quarter 2012 real GDP growth. In the recent estimate the U.S GDP in the second quarter grew by 1.7%. This shows a decrease in the growth rate for the US’s GDP. If there will be a sharp shift in this estimate it could also affect not only the US dollar but also commodities.
Thursday – U.S. Pending Home Sales: in the recent report the pending home sales index rose by 2.4% (M-over-M). These data are another indicator for the changes in America’s real estate market; based on last week’s results on housing starts the pending sales may continue to rise. In such a case US dollar may rally;
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