U.S. ADP Non – Farm Employment Change
Today U.S. session will remain eventful as U.S. has scheduled various economic indicators to release. Here I am going to brief out about the ADP job data due at 1215 GMT/1745 IST. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. If actual data comes higher than expected 650K, then only it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (GOLD): Gold depreciates ahead of U.S. ADP job data. Today pair made intraday high at $1,899 and low at $1,883 mark. A sustained close above $1,897 requires for the upside rally. On the other side, consistent close below $1,897 will check key supports as well. Key support levels are seen around $1,876, $1,862, $1,854, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,899, $1,912, $1,922, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.
Take a look and do trade wisely!