The US labor market report, due to be released soon, could potentially influence the price of Gold, possibly causing it to bottom out around $1,820. This warning comes amidst a recent surge in US bond yields that has led to a fall in Gold prices. The situation calls for vigilance from investors and is underpinned by robust US economic data, including a strong ISM manufacturing index and an unexpected rise in job vacancies.
Commerzbank (ETR:CBKG) strategists attribute the pressures on Gold's price to this strong US economic data. They predict that if the forthcoming Non-Farm Payrolls (NFP) figures are weaker than expected, Gold could hit a possible bottom at $1,820.
In contrast to Gold's potential decline, Bitcoin has experienced a 10% surge to a local top of $28,613. This significant increase in Bitcoin's value has had an impact on the performance of other cryptocurrencies.
These shifts in the financial landscape have occurred amidst what some are calling a market overreaction following Tuesday's crash and the subsequent recovery of the Dow Jones Industrial Average (DJIA).
Adding to these economic fluctuations is an unprecedented political upheaval - the removal of a US Speaker of the House. This event is casting shadows over ongoing budget talks and adding another layer of uncertainty to an already complex economic scenario.
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