Gold Market Under Pressure: Daily Market Outlook. July 4th 2012

As reported by Market Leader (US)

Traders and investors are looking forward to the results of tomorrow’s ECB meeting. Most of them anticipate a 0.25% interest rate cut. Spain is to hold another bond auction tomorrow. The yield may hint at investors’ sentiments. The eurozone’s manufacturing production has been shrinking for the 11th month in a row.

Yesterday’s US manufacturing orders report showed an unexpected increase. Car sales also proved to be higher than a month ago. Stocks gained along with commodities amid the expectations of economic stimulation in the eurozone. In the meantime, the IMF downgraded its forecast for the US economic growth in 2012 down to 2%. According to the IMF, the US may need further economic stimulation if the situation keeps deteriorating. Friday’s employment stats are expected to help analysts anticipate the Federal Reserve’s further steps. . Read more...