- Friday’s NFP data from US will be critical for gold.
- Non-manufacturing PMI figures from major economies will be watched closely.
After posting heavy losses on Thursday, the XAU/USD pair staged a rebound on Friday and closed the week a little above $1,700. On a weekly basis, however, the pair erased more than 1%. Next week, there will be key macroeconomic data releases that could significantly impact the market sentiment and gold’s valuation.
Coming up next week
The pair is likely to start the week in a calm manner amid a lack of significant macroeconomic data releases on Monday. On Tuesday, the European Commission will publish its updated Economic Forecasts for the euro area ahead of the ISM’s Non-Manufacturing PMI data from the US.
On Wednesday, Caixin Services PMI data from China and the IHS Markit’s Services and Composite PMI figures for April (final) from Germany and the euro area will be watched closely by the market participants. In the second half of the day, the ADP Employment Change will be featured in the US economic docket.
On Thursday, the Bank of England will announce its interest rate decision and publish the minutes of its Fiscal Policy Committee meeting. The weekly Initial Jobless Claims data from the US will be looked upon for fresh impetus during the American session.
The Nonfarm Payrolls (NFP) figures from the US will be critical on Friday as it will be the first jobs report that will reflect the impact of the coronavirus-related shutdowns on the economy.
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