Gold Fundamental Analysis October 8, 2012 Forecast

Posted October 05, 2012 16:17 (GMT) | By FX Empire Analyst - Barry Norman | Print | Font Size
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Gold Fundamental Analysis October 8, 2012 Forecast

Analysis and Recommendations:

Gold dipped a drop to trade at 1788.05 on profit taking, after bulls thought they would be able to run through the 1800.00 price point today. Gold prices are trading on flat note at around $1,788 per ounce. However, since the beginning of the session gold prices had witnessed firmness on the back of rise in risk appetite in the global markets and weakness in the US Dollar Index (DX) But, with DX trading on a positive note has erased earlier gains in the gold prices.

Markets were all tuned to the US nonfarm payroll report, which printed a very conflicting story, but would not heighten the FOMC to add additional stimulus. The report showed job creation at forecast at 114K but a revision upwards to last month’s report was extremely high and surprising, but the unexpected event was the drop in the unemployment rate to 7.8%, when markets were expecting an increase to 8.2%.

Gold has held pretty steady since the report.

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 5, 2012 actual v. forecast

Date	Currency	Event	Actual	Forecast	Previous
Oct. 05	JPY	Interest Rate Decision	0.10%	0.10%	0.10%
	JPY	BoJ Press Conference
	EUR	GDP (QoQ)	-0.2%	-0.2%	-0.2%
	EUR	German Factory Orders (MoM)	-1.3%	-0.5%	0.3%
	BRL	Brazilian CPI (YoY)	5.28%	5.27%	5.24%
	USD	Average Hourly Earnings (MoM)	0.3%	0.2%	0.0%
	CAD	Building Permits (MoM)	7.9%	-1.0%	-2.8%
	CAD	Employment Change	52.1K	10.0K	34.3K
	USD	Nonfarm Payrolls	114K	113K	142K
	USD	Unemployment Rate	7.8%	8.2%	8.1%
	CAD	Unemployment Rate	7.4%	7.0%	7.3%
	USD	Average Weekly Hours	34.5	34.4	34.4
	USD	Private Nonfarm Payrolls	104K	130K	97K

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

Date	Time	Currency	Event	Forecast	Previous
Oct. 08	08:15	CHF	CPI (MoM)	0.3%
	11:00	EUR	German Industrial Production (MoM)	-0.6%	1.3%

Government Bond Auction

Date Time Country

Oct 08 09:10 Norway

Oct 08 15:30 Italy

Oct 09 08:30 Holland

Oct 09 09:30 UK

Oct 09 14:30 UK

Oct 09 17:00 US

Oct 10 09:10 Italy

Oct 10 09:10 Sweden

Oct 10 09:30 Germany

Oct 10 09:30 Swiss

Oct 10 14:30 Sweden

Oct 10 17:00 US

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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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