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Gold chart for 01 Novermber 2013

Fundamental News: November 1, 2013


Statistics Canada released the latest Gross Domestic Product report yesterday and this showed the economy edged up 0.3 percent in August, following a 0.6 percent gain in July. Oil and gas extraction and the agriculture and forestry sector led the gains, while utilities and manufacturing declined. GDP has now grown in 8 of the last 10 months.


In the United States, the Department of Labor issued the latest Unemployment Claims report which came in pretty much in line with expectations. 340,000 Americans filed applications for jobless benefits during the October 26-week, a decline of 10,000 from the prior week. Meanwhile, Chicago PMI surprisingly surged to 65.9 in October from 55.7 in September.


Today, the Australian Bureau of Statistics announced that Producer Price Index advanced 1.3 percent in the September quarter. This was much higher than the 0.4 percent forecast and the previous month’s reading of 0.1 percent.


In China, the China Federation of Logistics and Purchasing said the Manufacturing PMI advanced slightly to 51.4 in October, the strongest reading since April 2012. On the other hand, the HSBC Final Manufacturing Purchasing Managers’ Index stood at 50.9 In October, the same reading from the previous month.


In Switzerland, SVME PMI eased to 54.2 in October from 55.3 in September. This current reading is the lowest in the last four months.


In the United Kingdom, Manufacturing PMI was also reported and it came in at 56.0, slightly lower than September’s 56.3 reading.


Later, the US will also have its Manufacturing PMI released by the Institute for Supply Management.


Commodities News


The selling in Gold has progressed today and price is now much closer to the $1,300 level. The October lows (around $1,251 to the $1,270s) would be in sight once $1,300 breaks.


Selling in Oil seemed to have lessened yesterday but price remains very close to breaking the $96 level. Remaining bulls are in a very precarious situation as there remains risk for a move to new three-month lows in the coming sessions.



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