Gold Depreciates Ahead of U.S. ADP Job Data, $12+ Volatility Likely; June 03, 2021
U.S. ADP Non – Farm Employment Change
Today’s U.S. session will be very important as U.S. will release ADP job data 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. This data is derived via a survey of more than 23 million workers to calculate employment growth estimations. If the actual reading will be higher than forecasted, it will be good for U.S. dollar.
Let’s see how Gold has reacted during the previous data release:
XAU/USD (Gold): Gold weakens sharply on Thursday and touches $1,890 mark in European hours. The pair made intraday high at $1,909 and low at $1,890 mark. A day chart suggests up trend but H1 chart is confirming bearish trend in short run. A sustained close above $1,910 requires for the upside rally. Alternatively, a consistent close below $1,889 on H1 chart will check further supports.
Key Resistances: $1,910, $1,916, $1,922, $1,929, $1,936
Key Supports: $1,886, $1,880, $1,876, $1,870, $1,864
Take a look and do trade wisely!