Gtag:

Gold Depreciates Ahead of U.S. ADP Job Data, $12+ Volatility Likely; June 03, 2021

U.S. ADP Non – Farm Employment Change

Today’s U.S. session will be very important as U.S. will release ADP job data at 1215 GMT/1745 IST. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. This data provides an early look at employment growth, usually 2 days ahead of the government-released employment data that it’s designed to mimic. This data is derived via a survey of more than 23 million workers to calculate employment growth estimations. If the actual reading will be higher than forecasted, it will be good for U.S. dollar.

Let’s see how Gold has reacted during the previous data release:

May 05:

March 31:

Technical View:

XAU/USD (Gold): Gold weakens sharply on Thursday and touches $1,890 mark in European hours. The pair made intraday high at $1,909 and low at $1,890 mark. A day chart suggests up trend but H1 chart is confirming bearish trend in short run. A sustained close above $1,910 requires for the upside rally. Alternatively, a consistent close below $1,889 on H1 chart will check further supports.

Key Resistances: $1,910, $1,916, $1,922, $1,929, $1,936

Key Supports: $1,886, $1,880, $1,876, $1,870, $1,864

Take a look and do trade wisely!
Good Luck

Tags
Share on facebook
Share on linkedin
Share on twitter
Share on telegram
Share on whatsapp
Unleash Powerful Trading Conditions with TP Global.

Recent Posts

Categories

Offices

305 Griffith Corporate Park, Beachmont Kingston, Saint Vincent & the Grenadines

Mail us

Drop mail at:
support@tpglobalfx.com

Contact us

Call or Whatsapp
+44 7441 416320

Risk Warning: Forex and Contracts for Difference (CFDs) are leveraged products. Trading in these products is highly speculative and involves substantial risk. Please note that even knowledgeable and well-experienced investors can experience large potential losses as a result of trading in Forex and CFDs. Consequently, investors should be fully aware of all the risks involved when trading Forex and CFDs and accept all the negative consequences associated with such trading. Please always remember that trading in Forex and CFDs might not be suitable for all investors. It is desirable investors who would consider trading, to do so only with money that they can afford to lose. You are also recommended to seek independent financial advice if necessary. The content on this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. Apple, the Apple logo, iPod, iPad, iPod touch, and iTunes are trademarks of Apple Inc, registered in the US and other countries. iPhone is a trademark of Apple Inc. App Store is a service mark of Apple Inc. This site is run and operated by - TP Global Services Limited registered by St. Vincent and the Grenadines with Number 25274 BC 2019. Registered office: Suite 305, Griffith Corporate Centre, Beachmont, P.O.Box 1510, Kingstown Saint Vincent and the Grenadines

TP Global Fx Africa Limited is incorporated in Federal Republic of Nigeria under the Companies and Allied matters Act 1990 with registration number RC 1674202. The objects of the company are all subject matters not forbidden by Companies and Allied Matters Act 1990. To provide Electronic Platform through which clients can choose currencies, commodities, indexes, CFDs and other leveraged financial instruments to trade.

TP Global Services Limited is registered with NFA (National Futures Association) USA with Registration Number 0533098.

mappin at-sign phone close