FX Careers

Asia – Commodities Fundamental Forecast | 6 October 2023

Gold (XAU)

Key news events today

NFPs (12:30 pm GMT)

Unemployment Rate (12:30 pm GMT)

What can we expect from Gold today?

Non-farm payrolls (NFPs) have printed under the 200k-threshold over the past three months, potentially indicating a slowdown in hiring practices for US corporations. The estimate of 171k for September suggests that this slowdown is set to continue for another month while the unemployment rate is expected to edge lower to 3.7% from 3.8%. A lower-than-expected NFP print is more than likely to function as a bearish catalyst for the US dollar and provide a much-needed boost to gold prices.

Next 24 Hours Bias

Weak Bullish


Key news events today

No major news events.

What can we expect from Oil today?

Crude oil prices suffered another 2%-loss for the second consecutive day as this commodity looks to erase nearly all the gains made from 28th August – crude prices are set to register its largest weekly loss since mid-March. Part of the sell-off in crude can be attributed to the broad run-up in the dollar and US Treasury yields since July as the combination of elevated interest rates and higher Treasury yields raises concerns on slowing global growth which can erode consumption. WTI oil dropped under $82.00 per barrel overnight and while it could experience a short-relief bounce, a fall under the $81-mark is likely to occur.

Next 24 Hours Bias

Medium Bearish