Gtag:

Gold Trades Lower Ahead of U.S. ADP Job Results, $11+ Volatility Likely ; June 30, 2021

U.S. ADP Non – Farm Employment Change

The most awaited event for the day will be U.S. ADP job data. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. If the actual data is higher than forecasted, it will be good for U.S. dollar.

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

June 03:

May 05:

Technical View:

XAU/USD (Gold):

  • Gold falls noticeably ahead of U.S. ADP job data.
  • Today pair made intraday high at $1,764 and low $1,755 mark.
  • A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
  • A sustained close above $1,768 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,754 will check further supports.
SUPPORTS RESISTANCES
$1,747 $1,768
$1,741 $1,772
$1,737 $1,778
$1,732 $1,784
$1,726 $1,789

 

Take a look and do trade wisely!
Good Luck

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