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Gold Analysis: XAU/USD could retest $ 1240-1245 on poor US ADP employment data

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    XAU/USD (gold price in terms of USD) reversed nearly half of Monday’s rally and finished the day in the red on Tuesday as the risk-on rally in the global equities and upbeat US ISM manufacturing sector activity report bolstered the USD bulls. Markets started pricing-in further Fed rate rises this year after yesterday’s upbeat data added to the recent series of improved US economic fundamentals, and thus weighed on the non-interest bearing yellow metal. The ISM PMI gauge came in better than

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