**[Next Week's Macro Outlook: The Week of Fed Guidance, Data Deluge Incoming]** Due to a "network disconnection" caused by a data center failure at CME Group on Friday, spot gold and silver experienced significant volatility this week. After futures prices resumed quoting, both continued to rise sharply. Gold prices surged nearly $150 this week, climbing back above $4,200, while silver's rally was even more aggressive, briefly soaring to $56 and hitting a record high. Next week, the Federal Reserve will enter its customary "blackout period" ahead of the December meeting, and a slew of economic data is set to be released. Additionally, with major traders returning from holiday, the market may see heightened volatility next week. Below are the key points the market will focus on in the coming week: - **Monday 22:45**: U.S. November S&P Global Manufacturing PMI Final - **Tuesday 09:00**: Federal Reserve Chair Jerome Powell speaks at a commemorative event - **Tuesday 23:00**: Federal Reserve Governor Bowman delivers testimony before the House Committee - **Wednesday 21:15**: U.S. November ADP Employment Change - **Wednesday 22:45**: U.S. November S&P Global Services PMI Final - **Thursday 20:30**: U.S. November Challenger Job Cuts - **Thursday 21:30**: U.S. Initial Jobless Claims for the week ending November 29 - **Friday 23:00**: U.S. December Preliminary One-Year Inflation Expectations, December Preliminary University of Michigan Consumer Sentiment Index, September Core PCE Price Index YoY, September Personal Spending MoM, September Core PCE Price Index MoM After a series of hawkish remarks from several Federal Reserve speakers, the doves have made a comeback over the past 10 days, bringing rate cuts for the December meeting back to the table. This has caused the probability of a 25-basis-point rate cut on December 10 to soar from about 25% to nearly 80%. This dramatic reversal has reverberated through financial markets. Federal Reserve officials typically guide Wall Street toward their final decision ahead of meetings to avoid surprises. Over the past two years (covering a total of 20 Fed meetings), traders have only failed to fully price in the outcome three times before a policy decision.