Gold Strengthens Ahead of U.S. ADP Job Results & Factory Orders Data, High Volatility Likely in Gold; June 02, 2022
Key U.S. Indicators to Keep in Mind While Trading in Gold during U.S. Session
Today U.S. has scheduled to release ADP Non Farm employment change data at 1215 GMT/1715 IST and U.S. Factory Orders data at 1400 GMT/1930 IST.
Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity while Factory Orders are leading indicator of production – rising purchase orders signal that manufacturers will increase activity as they work to fill the orders. If the Actual data comes higher than “Forecasted”, it will be good for currency.
Let’s see how Gold has reacted during the previous data release:
- Gold appreciates sharply ahead of U.S. ADP Job data and Factory Orders data.
- The pair made intraday high at $1,855 and Low at $1,844 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1,858 on H1 chart requires for the upside rally.
- Alternatively, a consistent close below $1,846 on H1 chart will test further supports.
Take a look and do trade wisely!