Welcome to Extreme Investor Network, where we provide you with unique insights and analysis on the latest trends and developments in the stock market, trading, and all things Wall Street. In our latest blog post, we delve into the recent half-percentage-point rate cut by the Fed and China’s new stimulus measures, which have sparked buying interest among investors. Additionally, ongoing geopolitical tensions have further heightened the appeal of gold as a safe-haven asset.
According to Giovanni Staunovo, a commodities analyst at UBS, the next uptick in gold prices is expected to come from ETF investors, whose holdings are still below their previous peak. As weaker U.S. economic data continues to surface, the Fed is likely to consider further rate cuts, potentially driving gold prices up to $2,900 per ounce over the next 12 months.
In the upcoming trading sessions, market participants will be keeping a close eye on key U.S. economic indicators, including the ISM Manufacturing PMI and JOLTS Job Openings. Analysts anticipate a slight increase in the ISM Manufacturing PMI to 47.6, while job openings are forecasted to ease to 7.64 million. Any signs of weakness in the labor market or manufacturing sector could reinforce expectations of additional Fed rate cuts.
Looking ahead, this week will also see the release of the ADP employment report, with a forecast of 145,000 jobs added, as well as the highly anticipated non-farm payrolls data, with a forecast of 144,000 jobs added, set for release on Friday. These reports will provide valuable insights into the health of the U.S. economy and could potentially impact market sentiment and trading decisions.
Stay tuned to Extreme Investor Network for more in-depth analysis and expert commentary on the latest market trends and developments. Make sure to bookmark our site for all your trading and investment needs.