U.S. ADP Non – Farm Employment Change
U.S. will release ADP job data around 1215 GMT/1545 IST. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. ADP (Automatic Data Processing) analyzes payroll data from more than 23 million workers to derive employment growth estimations. If actual data comes higher than expected 1250K, it will be good for U.S. dollar. Since last 2 times, U.S. has released this data with negative numbers.
Let’s see how gold has reacted during the previous data release:
Aug 05: Negative Data
July 01: Negative Data
XAU/USD (GOLD): Gold moves in rigid boundaries ahead of U.S. ADP job data as well as FOMC member’s (Williams and Mester) speech. Today pair made intraday high at $1,973 and low at $1,956 mark. A sustained close above $2,001 requires for the upside rally. Alternatively, reversal from key resistance will take the parity down towards key supports around $1,957, $1,940, $1,922, $1,910, $1,902, $1,890, $1,862, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,974, $1,987, $1,992, $2,008, 2,020, 2,038 and $2,063 marks respectively.
Take a look and do trade wisely!