Core Points - The article discusses significant upheavals in the U.S. financial market, including the resignation of Federal Reserve Governor Cooke, the firing of the Labor Statistics Bureau chief, and a drastic revision of non-farm payroll data, indicating a potential economic downturn [1][3][4] Group 1: Non-Farm Payroll Data - The U.S. Labor Department reported only 73,000 new jobs added in July, significantly below the expected 110,000, and revised down the previous two months' data by 258,000 jobs, suggesting a severe underperformance in job creation [3][4] - This situation has led to a loss of credibility in U.S. employment statistics, with the Atlanta Fed President acknowledging a potential overall economic weakness [3] Group 2: Federal Reserve Power Struggle - The sudden resignation of Cooke, a Biden-appointed governor, raises concerns about internal conflicts within the Federal Reserve, especially as two Trump-appointed governors voted against immediate rate cuts for the first time since 1993 [4] - Trump's call for Powell to resign indicates a broader political maneuvering aimed at exerting control over the Federal Reserve, which could lead to significant shifts in monetary policy [4][5] Group 3: Market Reactions and Predictions - Following the non-farm data release, the probability of a rate cut in September surged from 38% to 90%, with Goldman Sachs predicting three rate cuts within the year [5] - The capital markets reacted sharply, with the stock market losing over $1 trillion in value, and the dollar index dropping by 1.37%, while the 10-year Treasury yield fell by 3.23%, indicating a flight to safety [5][6]

Core Viewpoint - The focus is on the upcoming core PCE data release in the U.S. and its potential impact on the gold market, particularly whether the current downward trend in gold prices can be reversed [1] Group 1 - The core PCE data is highly anticipated and is expected to influence market sentiment significantly [1] - Analysts are closely monitoring the situation to assess the implications for gold prices [1] - There is a sense of urgency in the market regarding the potential outcomes of the PCE data release [1]