English
Arabic
Chinese (Simplified)
Dutch
French
German
Italian
Portuguese
Russian
SpanishGold Moves in Stiff Boundaries Ahead of U.S. ADP Job Results & ISM Services PMI Data, $15+ Volatility Likely in Gold; Aug 04, 2021
Gold Moves in Stiff Boundaries Ahead of U.S. ADP Job Results & ISM Services PMI Data, $15+ Volatility Likely in Gold; Aug 04, 2021
The key events for the day will be U.S. ADP Job data (1215 GMT/1745 IST) and U.S. ISM Services PMI data (1400 GMT/1930 IST).
The ADP Job Result provides an early look at employment growth, usually 2 days ahead of the government-released employment data that it’s designed to mimic. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. Here ADP analyzes payroll data from more than 23 million workers to derive employment growth estimations.
June 30:
June 03:
ISM Services PMI is a leading indicator of economic health – businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company’s view of the economy. This data is derived via a survey of about 300 purchasing managers which asks respondents to rate the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories.
July 06:
June 03:
Technical View:
XAU/USD (Gold):
- Gold exhibits range bound movement and hovers around $1,812 mark.
- Today pair made intraday high at $1,815 and low $1,809 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1,817 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,809 will check further supports.
| SUPPORTS | RESISTANCES |
| $1,802 | $1,819 |
| $1,796 | $1,824 |
| $1,791 | $1,830 |
| $1,785 | $1,834 |
| $1,776 | $1,839 |
Take a look and do trade wisely!
Good Luck
