The precious metal is testing technical support ahead of the US labor market report 📈
The ADP employment report will be released today at 1:15 PM BST. Market consensus points to a slight decline in private sector employment in April to 115,000 compared to 155,000 last month.
Last month’s readings turned out to be strong, as confirmed by ADP’s Chief Economist, Nela Richardson. The solid March figure eased concerns about an economic slowdown in the U.S. despite tariff-related uncertainties. In contrast, the weaker February readings (77,000 revised to 84,000) remain somewhat at odds with March data, reflecting the impact of Trump’s chaotic trade policy on stable private-sector hiring.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Under current macroeconomic conditions, labor market data has taken somewhat of a back seat, with capital markets reacting more to further trade restriction decisions and any successes in negotiations. Nevertheless, labor market data is still worth monitoring, and any deviations from stable readings could once again draw investor attention.
Gold (D1 interval)
Gold is down 1.3% in today’s session and is trading at the lower limits of the consolidation zone, which has kept the metal’s price in a stable downward trend. A break below this zone could theoretically lead to absorption of demand activated in recent days within this area and push gold prices lower toward the 50-day EMA. However, if this zone holds, the chances of a potential rebound toward historical highs increase.
Source: xStation
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
