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Gold drops after US ADP data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - Gold prices weakened to near Tuesday’s low after the data in the US showed the private sector jobs growth slowed less than expected in October.

    Off lows, but weak

    The metal hit a low of USD 114.70, before trimming losses to trade around USD 1116.50/Oz levels. The ADP report in the US showed private sector added 182K jobs as opposed to the expected figure of 180K. However, the previous month’s figure was revised lower to 190K from 200K, which took a shine off the report.

    Consequently, the metal managed to take back a part of its losses, but still threatens to suffer losses for the fifth consecutive session. Next on tap is US ISM non-manufacturing figure and Fed’s Yellen speech.

    Gold Technical Levels

    The immediate resistance is seen at USD 1118.25 (61.8% of Jul-Oct rally), above which the prices could re-test 1132.25 (50% of Jul-Oct rally). On the lower side, a break below Tuesday’s low at 1113.60 would expose 1100 levels.
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