Gold Moves in Stiff Boundaries Ahead of U.S. ADP Job Results, $12+ Volatility Likely; March 31, 2021

U.S. ADP Non – Farm Employment Change

Today U.S. will release ADP job results 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. ADP analyzes payroll data from more than 23 million workers to derive employment growth estimations.

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

March 03:

Feb 03:

Technical View:

XAU/USD (Gold): Gold exhibits range bound movement ahead of U.S. ADP job results. The pair made intraday high at $1,688 and low at $1,677 mark. A day and H1 chart with triple EMA confirm bearish trend for the time being. A sustained close above $1,692 on H1 chart requires for the upside rally. Alternatively, a consistent close below $1,678 will check further supports too.

Key Resistances: $1,692, $1,699, $1,702, $1,708, $1,715

Key Supports: $1,676, $1,670, $1,662, $1,656, $1,650

Take a look and do trade wisely!
Good Luck

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