Gold 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