26 Sept Thursday View

With three main things being discussed in the market at the moment , Fed's scaling back on its stimulus program, Possible U.S. government shutdown if the funding bill is not passed on or before coming Monday, and the Debt Ceiling, market is certainly not sure on which direction to go. Any upside move in gold may be taken as due to a support provided by the above mentioned factors and the true trend might reveal once those get settled.

Today we have Current Account expected at -11.2 B, Final GDP q/q at 0.7 % and Revised Business Investment q/q at 0.9 % in GBP front, and Unemployment Claims at 319 K a little disappointing than of previous 309 K, Final GDP q/q at 2.7 % better than of previous 2.5 %, Final GDP Price Index q/q at 0.8  % unchanged, Pending Home Sales m/m at -0.9 % better than of previous -1.3 % and FOMC Member Stein's speech on U.S. front are due later. Any better than expected U.S. economic data release is expected to provide Fed a support to make a decision on scaling back its stimulus program, which is not taken as positive for gold.

Stay Safe :)