U.S. ADP Job Data May Bring $15+ Movement in Gold, Nov 04, 2020

U.S. ADP Non – Farm Employment Change

Today’s U.S. session will be very important as ADP job data and ISM services PMI data will provide further direction to the U.S. dollar. 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:

Sept 30

Sept 02

Technical Analysis:

XAU/USD (Gold): Gold falls sharply on Wednesday and remains well supported below $1,900 mark. Today pair made intraday high at $1,916 and low at $1,882 mark. A sustained close above $1,909 requires for the upside rally. On the other side, consistent close below $1,895 will check key supports as well. Key support levels are seen around $1,882, $1,876, $1,867, $1,858, $1,849, $1,840, $1,822, $1,809 and $1,787 mark respectively. Key resistances are seen at $1,902, $1,914, $1,922, $1,927, $1,932, $1,940, $1,947, $1,957 and $1,972 marks respectively.

Take a look and do trade wisely!
Good Luck