There is speculation that if Biden becomes the US President, the chairman of Federal Reserve will change. Uncertainty over financial policy uncertainty due to prospective change in Federal Reserve chairman itself will be bullish for gold and bearish for the US dollar Index.
US durable goods numbers is the only US economic data release today. Big US economic data releases is on 30th September. (Q2 US GDP, September ADP job numbers among others) and also on 1st October and 2nd October. All the US economic data released between 30th September and 2nd October (September nonfarm payrolls among others) will be trend changing.
The next set of US October job numbers will be after the US presidential elections. I expect US September jobs numbers to come in on the higher side of expectation. US September job numbers will support for a reelection of current president Trump. Next week will be a big week for gold, silver, stocks and the US dollar Index.
China is closed from 1st October to 7th October. China is the largest consumer of all metals. Lack of Chinese demand can have an impact on industrial metal price and precious metals price.
COMEX SILVER DECEMBER 2020 – current price $2324.00
- Silver can rise to $2460.10 and $2600.60 (by next week) as long as it trades over $22212.20.
- Use a buy on dips strategy with a stop loss below $2179.10.
COMEX COPPER DECEMBER 2020 – current price $297.60
- Copper can rise to $312.70 (by next week) as long as it trades over $288.80.
- The next big sell off will be there only if copper trades below $288.80.