**Three Key Markets to Watch Next Week (October 10, 2025)**
*Original analysis by XTB; content has been rewritten and expanded for clarity and depth.*
As markets continue to digest recent macroeconomic data, investors and traders are shifting their focus toward upcoming developments that could affect trading sentiment in the week ahead. With central banks nearing the end of their interest rate hiking cycles, economic data and geopolitical events will likely exert a growing influence over asset price movement. Here are three crucial markets that may offer significant trading opportunities in the coming week.
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### 1. NASDAQ-100 Index (US100): Watching for Reactivity in the Tech Sector
The NASDAQ-100 has been one of the more volatile indices recently, influenced primarily by evolving interest rate expectations and shifting investor sentiment surrounding large-cap technology stocks. As macroeconomic uncertainties persist, markets could face sharp price gyrations in the days ahead.
**Key Drivers for NASDAQ-100 Next Week:**
– **US Inflation Release (CPI):**
The U.S. Consumer Price Index (CPI) will be released next week, and it will play a pivotal role in shaping expectations about the Federal Reserve’s policy stance going forward. Inflation remains a core concern for markets and central bankers alike. A higher-than-expected CPI reading could push bond yields higher and weigh on tech stocks.
– **Q3 Earnings Season Begins:**
Large-cap companies in the tech and financial sectors will begin reporting earnings next week. Given the elevated valuation levels of many tech giants, any earnings missteps—whether in revenue, margin outlooks, or forward guidance—could lead to outsized price reactions.
– **Treasury Yields and Market Correlation:**
The strong inverse correlation between tech-heavy indices like the NASDAQ-100 and U.S. Treasury yields has become more pronounced in recent months. Rising yields have typically pressured tech valuations, while any downtick in yields has offered temporary relief. Bond traders will closely watch Fed commentary, inflation data, and jobless claims to adjust their outlook for the rate environment.
**Technical Analysis Insight:**
– The US100 has recently re-tested resistance near the 15,400 zone. A clean break above this level with sustained volume could trigger a push toward the 15,800–16,000 range.
– A breakdown below the 14,800 support region would introduce the possibility of a deeper pullback toward the 14,500 or even 14,200 levels, especially if earnings disappoint or inflation data surprises to the upside.
**Watchlist for NASDAQ-100:**
– Microsoft (MSFT), Nvidia (NVDA), Amazon (AMZN): Earnings announcements will be key.
– U.S. 10-Year Treasury Yield (TNX): A closely watched macro variable influencing tech multiples.
– Fed members’ speeches: Any dovish or hawkish shifts in tone could impact index direction.
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### 2. Gold (XAU/USD): Calm Before the Breakout?
Gold has recently stabilized within a tightly defined range, consolidating around the $1,900–$1,950 per ounce level. Market participants are beginning to question whether the precious metal is preparing for a directional breakout, especially as concerns about economic slowdowns and geopolitical instability begin to resurface.
**Fundamental Factors Influencing Gold Prices:**
– **Real Yields and the Dollar:**
Gold traditionally has an inverse relationship with real interest rates and the strength of the U.S. dollar. A pullback in the U.S. dollar index (DXY) or a moderation in real yields could push gold prices higher as investors shift toward safety trades.
– **Central Bank Demand:**
Global central banks have continued to diversify their reserves by purchasing gold, with recent data showing increased buying from emerging market economies. Sustained central bank demand offers a long-term supportive backdrop for gold.
– **Geopolitical Events:**
Geopolitical uncertainties, including developments in Eastern Europe, potential
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