Release of ADP employment data is important mover for USD and, in turn, for gold
Key macro release of the day - ADP employment data for June - is scheduled for 1:15 pm BST. The report is an important and final hint ahead of the release of the official US jobs report on Friday (1:30 pm BST). However, it should be noted that ADP has been quite a poor predictor of NFP readings in recent months. Nevertheless, another steep employment increase is expected. Better-than-expected that may have a positive impact on USD, which may exert some pressure on gold prices. Key support for gold can be found in the $1,750 area. Weaker-than-expected print may give gold a lift. Short-term resistance can be found at 61.8% retracement.
Source: xStation5Â
