Gold Slightly Up Ahead of U.S. ADP Job Results, $11+ Volatility Likely in Gold; Feb 02, 2022

U.S. ADP Non Farm Employment Change Results

Today U.S. has scheduled to release U.S. ADP job results at 1315 GMT/1645 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:

Jan 05:

Dec 01:

Technical View:

XAU/USD (Gold):

  • The Gold trades slightly higher on Wednesday and trading around $1,800 mark.
  • Today pair made intraday high at $1,802 and low at $1,794 mark.
  • A day chart and H1 chart with triple EMA suggest up trend for the time being.
  • A sustained close above $1,802 on H1 chart requires for the upside rally.
  • Alternatively, a consistent close below $1,794 on H1 will check further supports.
$1,794 $1,808
$1,786 $1,814
$1,781 $1,820
$1,776 $1,826
$1,772 $1,832

Take a look and do trade wisely!
Good Luck