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SpanishGold Moves in Rigid Boundaries Ahead of U.S. ADP Non Farm Employment Change, Trade Balance Data, Further High Volatility Likely in Gold; July 07, 2022
U.S. ADP Non Farm Employment Change Results
Today’s U.S. Calendar will be interesting one as U.S. will release ADP job data at 1215 GMT/1745 IST and Trade balance data at 1230 GMT/1800 IST.
The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report. A higher than expected reading should be taken as positive for the USD, while a lower than expected reading should be taken as negative for the USD.
Let’s see how gold has reacted during the previous data release:
June 02:
May 04:
Technical View:
XAU/USD (Gold):
- Gold moves in rigid boundaries ahead of U.S. ADP job data and trade balance data.
- The pair made intraday high at $1,747 and Low at $1,736 mark.
- A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
- A sustained close above $1,752 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,732 on H1 chart will test further supports.
| SUPPORTS | RESISTANCES |
| $1,732 | $1,752 |
| $1,726 | $1,758 |
| $1,720 | $1,764 |
| $1,714 | $1,770 |
| $1,705 | $1,776 |
Take a look and do trade wisely!
Good Luck
