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Buoyed By Weaker ISM, Focus On Labour Market Data

GOLD
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Gold is steady in the Asia-Pac session, after closing 0.2% higher at $2331.90 on Monday.

  • Bullion found support from lower-than-expected ISM Manufacturing and Prices Paid data on Monday.
  • The US calendar is light today ahead of US ADP private employment, ISM Services, and Weekly Claims on Wednesday, the 4th of July holiday on Thursday and June US Payrolls data on Friday.
  • Traders will look to upcoming US economic data to help clarify when the Federal Reserve could pivot to monetary easing.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, a clear break of the 50-day EMA, at $2,318.7, would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.
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Gold is steady in the Asia-Pac session, after closing 0.2% higher at $2331.90 on Monday.

  • Bullion found support from lower-than-expected ISM Manufacturing and Prices Paid data on Monday.
  • The US calendar is light today ahead of US ADP private employment, ISM Services, and Weekly Claims on Wednesday, the 4th of July holiday on Thursday and June US Payrolls data on Friday.
  • Traders will look to upcoming US economic data to help clarify when the Federal Reserve could pivot to monetary easing.
  • Lower rates are typically positive for gold, which doesn’t pay interest.
  • According to MNI’s technicals team, a clear break of the 50-day EMA, at $2,318.7, would open $2,277.4, the May 3 low. Initial firm resistance is $2,387.8, the Jun 7 high.