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December 2, 2020

Be watchful Ahead of U.S. ADP Job Data, $9+ Volatility Expected in Gold; Dec 02, 2020

U.S. ADP Job Data

U.S. will release ADP Non – Farm employment change data around 1315 GMT/1845 IST. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. 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:

Nov 04:

Sept 30:

Technical View:

XAU/USD (Gold): Gold spikes up and touches $1,832 mark in early U.S. session. Today pair made intraday high at $1,832 and low at $1,807 mark. A sustained close above $1,815 requires for the upside rally. On the other side, consistent close below $1,815 will check key supports as well. Key support levels are seen around $1,802, $1,787, $1,776, $1,764, $1,758, $1,747, $1,740 and $1,720 mark respectively. Key resistances are seen at $1,832, $1,840, $1,848, $1,856, $1,872 and $1,885 marks respectively.

Take a look and do trade wisely!
Good Luck

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