Trading Week Ahead: Gold Breaks Momentum After a Parabolic Run

After the Fed kept rates unchanged at 3.75%, markets are turning their focus to JOLTS, ISM Services, and Nonfarm Payrolls, which will provide new insight into labour demand and economic momentum. Last week’s sharp pullback on gold after its parabolic rally shows how fragile sentiment remains, and this week’s reports could quickly reshape rate expectations and market direction.

👉 JOLTS Job Openings
December job openings are forecast to rise slightly to 7.23 million from 7.146 million. The Fed monitors this closely since elevated openings suggest wage pressure and inflation risk. A weaker print could support dovish expectations and weigh on the dollar.

👉 ISM Services PMI
The index is expected to slip to 53.5 from the previous 54.4. With services making up over 77% of the US economy, a strong print may signal sticky inflation. A miss could boost equities and pressure the dollar.

👉 Nonfarm Payrolls
January NFP is forecast at 60,000 after a weak 50,000 print in December. A strong report would reinforce the Fed’s hawkish stance. A downside surprise may lift risk assets unless it is too soft and sparks recession fears.

03/02/26

Time

16:00

Instrument

USD

Event
JOLTS Job Openings (Dec)

04/02/26

Time

14:15

Instrument

USD

Event
ADP Non-Farm Employment Change

Time

16:00

Instrument

USD

Event
ISM Services PMI

05/02/26

Time

13:00

Instrument

GBP

Event
Official Bank Rate

Time

14:15

Instrument

EUR

Event
Main Refinancing Rate

06/02/26

Time

14:30

Instrument

CAD

Event
Unemployment Rate

Time

14:30

Instrument

USD

Event
Nonfarm Payrolls

Time

16:00

Instrument

USD

Event
Prelim UoM Consumer, Inflation Expectations

Date	Time	Instrument	Event
03/02/26	16:00	USD	JOLTS Job Openings (Dec)
04/02/26	14:15	USD	ADP Non-Farm Employment Change
	16:00	USD	ISM Services PMI
05/02/26	13:00	GBP	Official Bank Rate
	14:15	EUR	Main Refinancing Rate
06/02/26	14:30	CAD	Unemployment Rate
		USD	Nonfarm Payrolls
	16:00	USD	Prelim UoM Consumer, Inflation Expectations

*All times in the table are in GMT+1