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A Touch Softer, Eyes On ADP

GOLD

An uptick in U.S. Tsy yields and the DXY applied some pressure to bullion in overnight trade, with spot last dealing a little over $5/oz softer on the session, just above $1,750/oz. This comes after the breakeven-led dip in our weighted U.S. real yield monitor, alongside a downtick in the DXY, supported bullion in the latter rounds of NY dealing on Tuesday. The technical picture remains little changed for gold. Today's U.S. ADP employment report will set the scene ahead of Friday's NFP release, although we should expect the former to generate the usual conversations/debate surrounding the short-term correlation between the two releases.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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