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Gold chart for 09 September 2013

Fundamental News: September 9, 2013


Statistics Canada reported last Friday that, based on the Canada Labour Force Survey, Employment Change climbed by 59,200 back in August. Unemployment Rate improved 0.1 percentage point to 7.1 percent. Meanwhile, the Richard Ivey School of Business announced that Purchasing Managers’ Index jumped through the 50 level and reached 51.0. Despite this, the index failed to meet its 52.6 median estimate.


In the United States, Bureau of Labor Statistics said Non-Farm Employment Change increased by 169,000 in August. Analysts were expecting a climb of 178,000 following July’s revised reading of just 104,000. The August Unemployment Rate improved to 7.3 percent, while Average Hourly Earnings inched up slightly to 0.2 percent, as expected.


Today, Japan’s Ministry of Finance declared that Current Account reached JPY0.33 trillion July, following June’s 0.65 trillion current account surplus. Final Gross Domestic Product rose 0.9 percent, according to the Cabinet Office.


In Australia, ANZ Job Advertisement contracted 2 percent, while Home Loans expanded 2.4 percent.


In China, the August Consumer Price Index advanced 2.6 percent (as expected), while Producer Price Index eased 1.6 percent, the National Bureau of Statistics said.


In Switzerland, the Federal Statistics Office published the latest Retail Sales report which showed a 0.8 percent advance in July. This was a sharp decline in sales growth after it posted good single-digit advances in the prior three months.


Soon, Statistics Canada will announce the latest Building Permits report.


Commodities News


Gold finished the prior week below the $1,400 level, hence bullish groups have a lot of work to do this week. The week should start with a campaign to get through the 41,400 hump and attack the recent high at $1,433. So far, bears a keeping a tight lid ahead of $1,400. A decline toward 41,300-50 would complicate matters for bulls.



Oil was very bullish last week, rising from the low-$104s to the $110s. Based on this price action, we could see a test of $107-$108 soon. Otherwise, we could see a renewed attack on the $111s.

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