The Advance GDP q/q estimate for Q1 of 2013 is forecast at 3.0%, as shown on the graph below...up from the 0.4% revised data reported for Q4 of 2012...and it is being released on Friday, April 26 at 8:30 am EST.
As you can see, the GDP numbers have been in a downtrend from January of 2010. If such a rise were to occur as forecast, it would penetrate above this trend, but would still lie within the 3-year range. It would take a higher number for the next quarterly report (for Q2) to confirm that the current downtrend has, in fact, been broken.
Since inflation is anticipated to have risen at such a rate as forecast, I find that 'interesting' in view of what I wrote about here (the BOC's downward 2013 economic growth forecast), here, here, and here, and we may see an attempt at a bounce in Gold this week. However, any rally from its lows of last week may occur on a low-volume 'dead-cat bounce' (particularly on any overnight rallies) and may not be sustainable in the near or intermediate term...one to watch this week, particularly on Friday.
As you can see on the Weekly chart of Gold below, the next levels of major volume/price support lie at 1150 and 1000.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Jan. 23 @ 3:30 am ET ~ German Manufacturing PMI (watch for a drop below 50)
* Wed. Jan. 30 @ 2:00 pm ET ~ FOMC Announcement
* Fri. Feb. 1 @ 8:30 am ET ~ Employment Data
* Wed. Feb. 13 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Feb. 20 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Mar. 6 @ 2:00 pm ET ~ Beige Book Report
* Wed. Mar. 20 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events
NOTABLE POSTS WITH IMPORTANT UPDATES...