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The US ADP data provided gold traders with news they had been anticipating, a reading that significantly missed the forecast. Now that we have further confirmation that the US labor market has lost its momentum, it has significantly altered the outlook for the Fed. Previously, the Fed had been confident in its ability to maintain higher interest rates for an extended period, without concern for the labor market's health, which had been extremely tight at one point.
However, they are also closely monitoring the US NFP data, which is scheduled for release on Friday. The forecast for the US NFP data is 186K, while the previous number came in at 175K. Given that the US ADP number fell short of the forecast and the revised downward number in today's print, we anticipate further disappointment in the data on Friday.The US ADP data has had a positive influence on the gold price today, causing it to move higher.
Between now and Friday, I do think that the price action for the precious metal is going to very much remain sideways. On the upside, we can expect the price to trade in the region or within the boundary of 2362, while on the downside, we should focus on the number 2313. On Friday, if the data missed expectations by a significant amount, we could see the price action breaking the range mentioned above.
The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc.
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