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.
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!