Register Register

Chinese (Simplified)

February 3, 2021

Gold Stabilizes Below $1,840 mark ahead of U.S. ADP Employment Change Data, $15+ Volatility Likely in Gold; Feb 03, 2021

U.S. ADP Non – Farm Employment Change

Today’s U.S. session will be important as U.S. will publish ADP job data (1315 GMT/1845 IST) followed by U.S. ISM Services PMI data (1500 GMT/2030 IST). In addition, OPEC – JMMC meeting is also scheduled. OPEC-JMMC meetings are attended by representatives from the 13 OPEC members and 11 other oil-rich nations. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. Any further changes regarding oil production and supply may bring volatility in the FX markets.

Here I am briefing you out about the U.S. ADP Employment Change data. Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. ADP (Automatic Data Processing) 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 06:

Dec 02:

Technical View:

XAU/USD: Gold depreciates and slips back below $1,840 mark. The pair made intraday high at $1,844 and low at $1,833 mark. A sustained close below $1,828 on a Day Chart requires for the downside rally. Alternatively, reversal from key support will take the parity back above $1,850 mark. On a Day Chart as well as H1 chart, triple EMA confirms the bearish trend too.

Key Resistances: $1,847, $1,854, $1,862, $1,876, $1,884

Key Supports: $1,832, $1,828, $1,820, $1,815, $1,808

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills

Registered office:

No. 9 Cassius Webster Building, Grace Complex, PO Box 1330,
The Valley, Al-2640 Anguilla

Physical Offices

1001 Crystal Tower, Business Bay, Dubai, UAE
Contact Number : +97144508205

Mail us

Drop mail at: support@tpglobalfx.com

Contact us

Call or Whatsapp +44 7441 416320

Sales Queries

Drop mail at: sales@tpglobalfx.com

Offices

Vanuatu office:
Law Partners House, Kumul Highway, PortVila, Vanuatu

Offices

Head office:
1810, 1811, Prime Tower,
Business Bay, Dubai, UAE

Instrument

Platforms & Tools

Partnership

Company

Others

© 2022 TP Global. All right reserved.

Baybahis Hititbet 1win Elitbahis Matadorbet

Privacy Policy | Terms & Conditions |Product Statement | Client Agreement | AML/KYC | Refund Policy

Risk Warning: Forex and Contracts for Difference (CFDs) are leveraged products. Trading in these products is highly speculative and involves substantial risk. Please note that even knowledgeable and well-experienced investors can experience large potential losses as a result of trading in Forex and CFDs. Consequently, investors should be fully aware of all the risks involved when trading Forex and CFDs and accept all the negative consequences associated with such trading. Please always remember that trading in Forex and CFDs might not be suitable for all investors. It is desirable investors who would consider trading, to do so only with money that they can afford to lose. You are also recommended to seek independent financial advice if necessary. The content on this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. This site is run and operated by – TP Global Services Limited. Registered by Anguilla with a registered address : No. 9 Cassius Webster Building, Grace Complex, PO Box 1330, The Valley, Al-2640 Anguilla.

Restricted Regions: TP Global Services Limited does not provide services for citizens/residents of the United States, Canada, Cuba, Iraq, Myanmar, North Korea, Sudan.

Risk Warning: Forex and Contracts for Difference (CFDs) are leveraged products. Trading in these products is highly speculative and involves substantial risk. Please note that even knowledgeable and well-experienced investors can experience large potential losses as a result of trading in Forex and CFDs. Consequently, investors should be fully aware of all the risks involved when trading Forex and CFDs and accept all the negative consequences associated with such trading. Please always remember that trading in Forex and CFDs might not be suitable for all investors. It is desirable investors who would consider trading, to do so only with money that they can afford to lose. You are also recommended to seek independent financial advice if necessary. The content on this website does not constitute financial or investment advice. Any information herein is of a general nature and does not take into consideration your personal circumstances, investment experience or current financial situation. This site is run and operated by – TP Global Services Limited registered by St. Vincent and the Grenadines with Number 25274 BC 2019. Registered office: Suite 305, Griffith Corporate Centre, Beachmont, P.O.Box 1510, Kingstown Saint Vincent and the Grenadines.

TP GLOBAL FX is monitored by VFSC Vanuatu with registration number 40409 and located at Law Partners House, Kumul Highway, PortVila, Vanuatu.

TP Global Fx Africa Limited is incorporated in Federal Republic of Nigeria under the Companies and Allied matters Act 1990 with registration number RC 1674202. The objects of the company are all subject matters not forbidden by Companies and Allied Matters Act 1990. To provide Electronic Platform through which clients can choose currencies, commodities, indexes, CFDs and other leveraged financial instruments to trade.