Analysis and Recommendations:

Gold rose for two back to back sessions, moving with the flow, as the market sentiment shifted to positive that the Greece will be able to go through with its bond swap and its debt crisis would be a step closer to a resolution. Gold pushed up $14.80, or 0.9%, to settle at $1,698.70. The USD was down against all of its trading partners, and as the adage says, USD down, Gold Up.

March 8, 2012 Economic Releases actual v. forecast

AUD

 
 
 

Employment Change 

-15.4K

 

5.0K 

 

46.2K 

 
 

AUD

 
 
 

Unemployment Rate 

5.2%

 

5.2% 

 

5.1% 

 
 

KRW

 
 
 

South Korean Interest Rate Decision 

3.25%

 

3.25% 

 

3.25% 

 
 

EUR

 
 
 

French Non-Farm Payrolls (QoQ) 

-0.1%

 

-0.1% 

 

-0.2% 

 
 

CHF

 
 
 

CPI (MoM) 

0.3%

 

0.2% 

 

-0.4% 

 
 

GBP

 
 
 

Interest Rate Decision 

0.50%

 

0.50% 

 

0.50% 

 
 

EUR

 
 
 

Interest Rate Decision 

1.00%

 

1.00% 

 

1.00% 

 
 

CAD

 
 
 

Housing Starts 

201K

 

199K 

 

198K 

 
 

USD

 
 
 

Initial Jobless Claims 

362K

 

350K 

 

354K 

 
 

USD

 
 
 

Continuing Jobless Claims 

3416K

 

3385K 

 

3406K 

 
 

In America:

U.S. employers announced workforce reductions totaling 51,728 during February, down 3.3% from January levels, according to the latest job-cut report released Thursday by global outplacement firm Challenger.

Jobless claims in the U.S. rose to the highest level in five weeks, climbing by 8,000 to a seasonally adjusted 362,000, the Labor Department said Thursday. Markets had estimated claims would rise to 355,000 in the week ended March 3. Continuing claims - payments to people already approved for jobless benefits - increased by 10,000 to a seasonally adjusted 3.42 million in the week ended Feb. 25. 

The Fed is considering a new form of sterilized quantitative easing that would allow asset purchases despite high oil prices, according to a report in The Wall Street Journal.

In northern America, the Canadian Central Bank held rates today at 1% following the lead of banks around the world.

In Europe:

The Bank of England announced their current rate decision which was as expected to hold rates. No new additions to their monetary easing policies announced in February.

The European Central Bank committee held lending rates at the current rate of 1% and made no comments on any additional lending policies.

ECB President Draghi said in his monthly press conference in Frankfurt on Thursday that the central bank's long-term refinancing operation, has had a positive effect on markets and sentiment in the euro zone but that all non-standard measures are temporary. He also said that the three-year LTROs have been an unquestionable success.

Prices for Italian government bonds jumped and Spanish bonds also rose Thursday, sending yields lower on expectations Greece will successfully complete its voluntary debt swap with private investors. Italy's 10-year bond yield fell 0.20

Investors holding around 60% of eligible Greek government bonds have indicated so far they will participate in a massive debt swap, Bloomberg reported Thursday. That puts the country nearer to completion of a major sovereign restructuring

width=645

 

Gold Pivot Points (Time Frame: 1 Day)

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
1663.43
1672.62
1685.43
1694.62
1707.43
1716.62
1729.43

Fibonacci
1672.62
1681.02
1686.21
1694.62
1703.02
1708.21
1716.62

Camarilla
1692.20
1694.22
1696.23
1694.62
1700.27
1702.28
1704.30

Woodie's
-
1673.53
1687.25
1695.53
1709.25
1717.53
-

DeMark's
-
-
1712.03
1696.91
1690.03
-
-