Commodity Report: Gold Price Forecast: 29 October 2019 [Video]
|All Eyes On The Fed For Clue's On Gold's Next Move
The final week of October is shaping up to be a massive economic data-driven week – headlined by the Federal Reserve’s Federal Open Market Committee (FOMC) meeting that starts on Tuesday.
The central bank will decide whether to cut interest rates for the third time in 2019 or leave the rate unchanged.
According to our in-house proprietary intelligence, there is a 94% probability that Fed will cut interest rates by 25 basis points this week. One reason is the on-going uncertainty surrounding U.S-China trade talks, Brexit and slowing global economic growth, which all point to another rate reduction.
Later in the week, U.S third-quarter GDP growth data is due for release on Wednesday, followed by the highly anticipated U.S employment report on Friday.
The October employment report is expected to show job growth of just 90,000, due to the impact of a 46,000 General Motors employees being out of work, due to a six week long strike. If the October report meets the consensus forecast – it will be the slowest U.S labor growth since May’s 62,000 jobs.
Traders will be closing monitoring the outcome of these major market moving events this week, for clues on Gold’s next big move.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold with the latest price forecast and predictions:
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