Gold Fundamental Analysis October 9, 2014 Forecast

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Updated: Aug 24, 2015, 23:00 UTC

Analysis and Recommendations: Gold gained $6.50 ahead of the FOMC minute release due later in the trading day. Many traders think gold climb on safe haven

Gold Fundamental Analysis October 9, 2014 Forecast

Analysis and Recommendations:

Gold gained $6.50 ahead of the FOMC minute release due later in the trading day. Many traders think gold climb on safe haven moves after the IMF comments, but many think it is positioning ahead of the FOMC notes. Gold extended gains to a third session on Wednesday, buoyed by safe-haven bids after disappointing economic data from Europe and lower global growth forecasts by the International Monetary Fund. The International Monetary Fund cut its global economic growth forecasts for the third time this year on Tuesday, warning of weaker growth in core euro zone countries, Japan and big emerging markets like Brazil. The Washington-based lender trimmed its global growth expectations to 3.3 percent for this year and 3.8 percent for next year. In July it had expected growth of 3.4 percent in 2014 and 4 percent in 2015.

Bullion slumped 2.2 percent last week, erasing gains for the year as signs the U.S. economy is improving added to the case for policy makers to raise interest rates. China was on holiday since Oct. 1 through yesterday.

The Federal Open Market Committee will release minutes from its Sept. 16-17 meeting at 2 p.m. Washington time. Investors have been concerned the central bank may raise interest rates sooner than anticipated as the U.S. economy improves. The anticipation of tighter U.S. monetary policy caused gold prices to sink 28 percent last year.

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.

Today’s economic releases actual vs. forecast:

Cur.	Event	Actual	Forecast	Previous
JPY	Adjusted Current	0.13T	0.19T	0.10T
JPY	Current Account n.s.a.	0.287T	0.198T	0.417T
CNY	HSBC Services PMI	53.5	53.8	54.1
JPY	BoJ Monthly Report
GBP	Halifax House Price	9.6%	9.6%	9.7%
GBP	Halifax House Price	0.6%	0.2%	0.0%
CAD	Housing Starts		196.0K	192.4K
USD	FOMC Meeting Minutes

Upcoming Economic Events that you should be monitoring:

Cur.	Event	Actual	Forecast	Previous
GBP	RICS House Price Bal.		38%	40%
AUD	Employment Change		-30.0K	121.0K
AUD	Full Employment			14.3K
AUD	Unemployment Rate		6.2%	6.1%
EUR	German Trade Balance		18.5B	22.2B
EUR	ECB Monthly Report
GBP	Interest Rate Decision		0.50%	0.50%
USD	Initial Jobless Claims		294K	287K
CAD	New Housing Price		0.2%	0.0%
EUR	ECB President Draghi