There is an adage when investigating a crime that says to “follow the money”. In the same way, when investigating where gold prices will be headed short-term it is wise to follow the upcoming reports. Two key reports will shape the short-term direction and price of gold. The first report is tomorrow’s jobs report, and the second report is the next CPI inflation report for September which will be released on October 13.
If these various forecasts are correct, it would represent the slowest month of job growth since December 2020. However, analysts and economists will focus on whether or not the labor market is showing signs of contracting as a positive indication. In other words, in the case of tomorrow’s report, good news would be bad news for U.S. equities and gold.
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