Today, the financial markets are anxiously awaiting the U.S. nonfarm payrolls (NFP) report, which is expected to have a significant impact on economic indicators. Recent fluctuations in the gold, Bitcoin, and oil markets have also raised many questions about the direction of the USD.
💰 Gold Prices Continue to Soar
Gold prices continue to trend upwards. The forecast of whether the U.S. nonfarm payrolls report could push XAU/USD to a new record high is still being monitored. However, gold prices have also fallen below the critical resistance level of $2,670 amid the conflict between Israel and Iran. Nevertheless, gold prices remain above all key daily moving averages, and the RSI is still in the positive zone, indicating a potential upward trend.
📈 Bitcoin Growth
Bitcoin is also on an upward trend due to global political and economic instability. The price of Bitcoin has reached nearly the highest level in the past month, reflecting changes in the Fed’s interest rate policy and concerns over ongoing conflicts.
🟡 Oil Prices Surge Due to Middle East Tensions
Brent and WTI crude oil prices have risen more than 2% due to concerns about potential supply disruptions from the Middle East. In the morning of October 4th, oil prices continued to rise from 1.3% to 1.5%, reflecting worries that the conflict between Israel and Iran could prolong and worsen the situation.
📊 Expectations for Fed’s Interest Rate Policy Changes
The market is awaiting the U.S. nonfarm payrolls (NFP) data, expected to add about 140,000 jobs in September. If the data is positive, the possibility of the Fed cutting interest rates by 25 basis points in November will increase. However, Richmond Fed President Thomas Barkin believes that bringing inflation back to the 2% target may take longer than expected, affecting upcoming interest rate decisions.
Conclusion
October 4th marks notable fluctuations in the financial markets, with gold and Bitcoin rising due to political and economic instability. The market is awaiting the nonfarm payrolls report, which could influence the Fed’s interest rate policy in the near future.
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