Gold Price - Daily Outlook October 10

Gold and silver changed direction again and slightly slipped on the last day of last week, after the U.S. non-farm employment report showed an increase of 103k in employment during September. Currently, gold and silver are traded up. The speculation around the European debt crisis continues to be high with an update of the recent news on this issue herein. Today, the French and Italian industrial production report will be published, and Japan’s current account. 

 For the complete report of gold prices forecast for October 10th see here in Trading NRG

U.S Employment Grew by 103k in September

 The U.S. employment inclined in September by 103,000 according to the last U.S. labour report, which was published on Friday, October 7th by the Bureau of labour Statistics. The rate of unemployment remained unchanged at 9.1%.

 Historically, as the U.S employments rise gold tend to decrease; this correlation was mostly due to the effect this news had on the USD; the recent news seem to have worked again in the same direction as indicated in the updated table below:

USD/ Gold & Silver– October

The EURO/USD slightly slipped on Friday by 0.44% to reach 1.3378; the CAD also followed and depreciated against the US Dollar by 0.24%. If major risky currencies (AUD and CAD) will change direction and start to appreciate against the USD, they may help gold and silver prices to incline.

For further reading:

Weekly Outlook for October 10-14

Gold and Silver Prices Monthly Outlook for October 2011

 Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.

 


 

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