Gold is in the fear of strong labour data from US
ADP job as at 3 Jun 2020 losses total -2.7M but is much better than expectations, make Gold Spot tumbled near -$30 on the day or -1.75% to $1697.70 as traders exited the safety of the precious metal. The Day high price extended to $1732.34. The Day low reached as low as $1689.56.
Upcoming economic data on Thursday and Friday includes: Initial Jobless Claims, Non farm Productivity, and Nonfarm Payroll... will be also expected on the bright side, therefore put more pressure on Gold.
▪️ Expect trading to remain mixed and volatile:
We look to Sell at 1,709
⛔️Stop: 1720
🎯Target1: 1,683
🎯Target2: 1,666
Upcoming economic data on Thursday and Friday includes: Initial Jobless Claims, Non farm Productivity, and Nonfarm Payroll... will be also expected on the bright side, therefore put more pressure on Gold.
▪️ Expect trading to remain mixed and volatile:
We look to Sell at 1,709
⛔️Stop: 1720
🎯Target1: 1,683
🎯Target2: 1,666