As we start a new week, some profit sales are observed on the precious metals side as of this morning. During the week, Chinese markets and banks will be closed starting from Tuesday due to National Day in China. Additionally, as of this morning, critical data from China was announced; Manufacturing Purchasing Managers Index (PMI) increased to 49.8 in September compared to the previous value of 49.1. Since the possibility of recovery of the Chinese economy will further reduce the global recession consensus, there is a possibility that it will have a medium-long term positive impact on silver prices, especially those used in industry.
On the other hand, all eyes will be on America's employment reports this week! Let's remember; With the sentence of Fed Chairman Jerome Powell, "The deterioration in employment may make the Fed's interest rate cut even more aggressive," employment reports have now become even more important and decisive in the markets. While the possibility of deterioration in employment supports the FED's 0.50 bp interest rate cut in November, the strong stance in employment supports the 0.25 bp interest rate cut from the FED. The possibility of a sharp interest rate cut by the Fed may also ease the power of the dollar in the markets and increase the demand for precious metals along with global stock markets. For this reason, the "Job Opportunities and Personnel Change Rate (JOLTS)" data, which will be announced on the second trading day of this week, and the "Non-Agricultural Employment and Unemployment Rate" figures, which will be announced on the last trading day of the week, may cause high volatility in the market!
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