Precious Metals Fundamental Analysis – November 9, 2015 – Forecast – Gold, Silver & Platinum

By:

Updated: Nov 6, 2015, 14:12 UTC

Analysis and Recommendations: Gold tanked after the release of a better than expected jobs report sending gold down $9.90 to 1094.30 falling below $1100

Precious Metals Fundamental Analysis – November 9, 2015 - Forecast - Gold, Silver & Platinum

Analysis and Recommendations:

Gold tanked after the release of a better than expected jobs report sending gold down $9.90 to 1094.30 falling below $1100 for the first time in months. Silver fell 138 points upon the release of the data and Platinum fell almost $9 to 944.45. The main driver behind the drop in prices must be the speeches of the Fed officials, driving the dollar higher and weighing on the wider commodity space.

Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate “liftoff”, sending the dollar surging to a three-month high.

A firmer dollar often curbs demand for commodities, making them more expensive for buyers outside the United States since they are priced in the US currency.

The U.S. economy created 271,000 new jobs in October to mark the biggest gain of the year, pushing the unemployment rate down to a seven year-low of 5%. Hourly wages also rose at the fastest year-over-year pace since 2009. The stellar October labor report suggests a slowdown in job creation toward the end of summer was temporary, and it raises the odds of the Federal Reserve lifting interest rates before the end of 2015. Economists polled by MarketWatch had expected a gain of 180,000 nonfarm jobs. Employment gains for August and September were revised up by a combined 12,000, the Labor Department also said Friday. The government said 137,000 new jobs were created in September instead of 142,000. August’s gain was raised to 153,000 from 136,000.

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:

Cur.	Event	Actual	Forecast	Previous
GBP	BoE Gov Carney Speaks
AUD	Monetary Policy Meeting Minutes
JPY	BoJ Governor Kuroda Speaks
EUR	German Industrial Production (MoM)	-1.1%	0.5%	-0.6%
GBP	Industrial Production (MoM) (Sep)	-0.2%	-0.1%	0.9%
GBP	Manufacturing Production (MoM)	0.8%	0.4%	0.4%
GBP	Trade Balance (Sep)	-9.35B	-10.60B	-10.79B
GBP	Trade Balance Non-EU (Sep)	-2.08B	-3.30B	-3.84B
USD	FOMC Member Bullard Speaks
USD	Average Hourly Earnings (MoM) (Oct)	0.4%	0.2%	0.0%
USD	Nonfarm Payrolls (Oct)	271K	180K	137K
USD	Participation Rate (Oct)	62.4%		62.4%
USD	Private Nonfarm Payrolls (Oct)	268K	165K	149K
USD	Unemployment Rate (Oct)	5.0%	5.1%	5.1%