Gold Fundamental Analysis October 3, 2012 Forecast

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Analysis and Recommendations:

Gold is trading at 1779.85 down a few dollars in a directionless day with little news and even less eco data, as markets await news from Spain. In a surprise move today, the RBA reduced interest rates in Australia by .25% to 3.25%. Trade was thin as Chinese markets remained closed for a week-long holiday and investors awaited the U.S. government’s nonfarm payroll report scheduled for Friday. A Reuter’s poll shows analysts expect 113,000 workers to have been added to non-farm payrolls in September, following Augusts’ increase of 96,000 jobs.   

Purchases of physical gold ETFs continue to increase, clear evidence of the net buying. At the same time, the supply of gold is not increasing much. Japanese pension funds have begun buying gold, as others around the world may as well. Central banks around the globe have upped their purchases also of late.

FxEmpire provides in-depth analysis for each currency and commodity we review. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information in our weekly reports.

Economic Data October 2, 2012 actual v. forecast

Date

 

Currency

 

 

Event

Actual

 

Forecast

 

Previous

 

 

Oct. 02

 

KRW

 

 

South Korean CPI (YoY) 

2.0%

 

2.0% 

 

1.2% 

 

 

 

 

AUD

 

 

Interest Rate Decision 

3.25%

 

3.50% 

 

3.50% 

 

 

 

 

GBP

 

 

Nationwide HPI (MoM) 

-0.4%

 

-0.3% 

 

1.1% 

   

 

 

EUR

 

 

Spanish Unemployment

79.60K

 

 

 

38.20K 

 

 

 

Upcoming Economic Events that affect the CHF, EUR, GBP and USD

Date

Time

Currency

Event

Forecast

Previous

Oct. 03 

10:00

EUR

Retail Sales (MoM) 

-0.2% 

-0.2% 

Oct. 04

12:00

GBP

Interest Rate Decision 

0.50% 

0.50% 

 

12:00

GBP

BOE QE Total 

375B 

375B 

 

12:45

EUR

Interest Rate Decision 

0.75% 

0.75% 

Oct. 05

11:00

EUR

German Factory Orders (MoM) 

-0.7% 

0.5% 

Government Bond Auction

Date Time Country 

Oct 03 09:10 Sweden 

Oct 03 10:00 Norway 

Oct 04 08:30 Spain 

Oct 04 08:50 France 

Oct 04 15:00 US 

Oct 05 15:30 Italy 

 

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About: FX Empire Analyst - Barry Norman

Barry produces a private Daily Market Review newsletter that is distributed around the globe to over 25,000 subscribers and recently published a book on Options Trading that is available from amazon.com

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