Gold Traders Will Focus on a Full Economic Calendar

WASHINGTON (July 28) Gold Traders and investors in other markets have a full  economic calendar to focus on the week.

There is  no shortage of potential market movers;  Federal Open Market Committee, July US employment report  and Q-2 GDP,  Plus, the Institute for  Supply Management releases its manufacturing report, and the European Central  Bank and Bank of England hold policy meetings.

Market participants will be watching US  data and a policy statement after the FOMC for more signs on when tapering of  when QE may start, and the impact of this on US Treasury yields.

The Gold traders will be Keying off interest  rates and the USD.

The large number of news events means potential for  the market to be volatile in light Summer trade adding to price swings.

Ahead of the heavy news slate, participants in the  Kittco Gold Survey reported  mixed expectations for next week.  Of the 23  respondents, 9 saw prices up, 6 down and 8 sideways or steady.

Gold  posted a gainer last week and is up on the month of July. Aug Gold settled pit trade Friday at 1,321.50 on the Comex division of the New York Merc, up 28.60 on  the week. Sept Silver gained 30.5 to finish at 19.765.

(Source: Paul Ebeling)