By ForexTime
If you thought the last few days were explosive for gold prices, then wait until you see what factors could spark even more volatility next week!
The precious metal experienced a brutal selloff this week, shedding roughly 2.7% (at the time of writing) as the prospects of higher-for-longer interest rates boosted the dollar and Treasury yields.
Before we unpack what factors may further influence gold prices, here is a list of key economic reports and events to watch out for in the first week of Q4:
Sunday, October 1
Monday, October 2
Tuesday, October 3
Free Reports:
Wednesday, October 4
Thursday, October 5
Friday, October 6
Such a negative development could be incredibly disruptive for the US economy. Many public employees will not receive their payslips while private companies who get paid by government contracts may see funds halted until the government re-opens.
But it does not end here. Key economic data such as the US NFP and inflation among other releases may be delayed at a critical time when investors are constantly seeking key insight on the health of the US economy and future monetary policy.
Most Fed speakers have struck a hawkish note recently, standing firm on their mission to tame inflation by pointing in the direction of more tightening. With the latest US CPI figures accelerating for a second month to 3.7% in August, policymakers may be keen to keep the beast under control. Traders are currently pricing in a 38% probability of a 25-basis point hike by the end of 2023, according to Fed fund futures. This figure may be influenced by the messaging of Fed speakers among over major factors.
Markets expect the US economy to have created 170,000 jobs in September following August’s increase of 187,000. The unemployment rate is seen cooling to 3.7% from the 3.8% in the previous month.
Although bears are in a position of power thanks to fundamental forces, the Relative Strength Index (RSI) is signaling heavily oversold conditions. A technical pullback could be on the horizon before prices extend the heavy decline toward the next key level of interest at $1810.
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