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Gold Trading Week Ahead - 2 March 2015

Commodities / Gold and Silver 2015 Mar 02, 2015 - 10:50 AM GMT

By: Submissions

Commodities

Harley Salt writes: Gold enters the new trading week and a new trading month with some positive momentum after putting together 3 days of consecutive gains. This week see a number of releases and announcements that will shape the markets expectations on when the Fed will kick-off increasing interest rates. One of the key drives of gold at the moment is the speculation as to when rates will be tightened, any signs of a delay is providing a boost to the price of gold.


This week we have a number of Central Bank interest rate announcements, including the Bank of England (Thursday), European Central Bank (Thursday), Reserve Bank of Australia (Tuesday) and Bank of Canada (Wednesday).

Euro inflation flash numbers are released on Monday, as are ISM Manufacturing PMI figures in the US, while Tuesday sees China CPI data and Canadian GDP released. On Wednesday in the US the ADP Employment change for February is announced, this will give traders an indication on what to expect from the official labour market data due out on Friday. The ECB President Mario Draghi will likely be quizzed about Greece in his press conference on Thursday.

The biggest piece of data out this week is the Non-Farm Payrolls report which will be released on Friday in the US (238k expected). Look out for labour force participation in the Non-Farm Payrolls data, higher than expected labour force participation could strongly influence the Fed’s decision to move on rates sooner rather than later.

Going into the new month, we see the current resistance on gold being at US$1,220oz and the support at US$1,190oz.

Gold closed at US$1,213.70oz in New York on Friday.

Courtesy of:  www.BullionIndex.com.au 

Harley Salt is co-founder of www.BullionIndex.com.au a physical gold, silver and platinum trading and investing company located in Melbourne, Australia.

Bullion Index offers direct market access to 15 global physical bullion exchanges and storage facilities in key locations including London, Zurich, New York, Hong Kong, Singapore, Dubai and Sydney. Their clients from across the globe can trade bullion bars and investment grade coins simply and securely via the MetalDesk online trading platform.

© 2015 Copyright  Harley Salt - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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