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GOLD: Consolidates Near Highs After Strong ADP Data

GOLD
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Spot gold has edged down by 0.2% to $2,658.69/oz on Wednesday, as the yellow metal consolidated near last month’s record high of $2,685. It is little changed in today’s Asia-Pac session. 

  • The US Treasury curve bear-steepened on stronger-than-expected ADP data on Wednesday, with US yields finishing 3-6bps higher.
  • ADP employment was stronger than expected in September at 143k (cons 125k) after a slightly upward-revised 103k (initial 99k) in August. The data has had mixed success at tracking private payrolls growth, undershooting private payrolls growth by 15k in August but before that overshooting by 37k in July and 58k in June.
  • The job openings report on Tuesday also signalled a resilient labour market.
  • Today’s US calendar will see Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.
  • US nonfarm payrolls growth is expected to have firmed marginally to 150k in September although some analysts also look for upward revisions to August.
  • According to MNI’s technicals team, gold bulls remain in the driver’s seat and moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus remains on $2,690.2 next, a Fibonacci projection, while firm support lies at $2,602.0, the 20-day EMA.
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Spot gold has edged down by 0.2% to $2,658.69/oz on Wednesday, as the yellow metal consolidated near last month’s record high of $2,685. It is little changed in today’s Asia-Pac session. 

  • The US Treasury curve bear-steepened on stronger-than-expected ADP data on Wednesday, with US yields finishing 3-6bps higher.
  • ADP employment was stronger than expected in September at 143k (cons 125k) after a slightly upward-revised 103k (initial 99k) in August. The data has had mixed success at tracking private payrolls growth, undershooting private payrolls growth by 15k in August but before that overshooting by 37k in July and 58k in June.
  • The job openings report on Tuesday also signalled a resilient labour market.
  • Today’s US calendar will see Weekly Claims, Factory/Durable Goods Orders and ISM Services, followed by Friday's headline Non-Farm Payrolls for September.
  • US nonfarm payrolls growth is expected to have firmed marginally to 150k in September although some analysts also look for upward revisions to August.
  • According to MNI’s technicals team, gold bulls remain in the driver’s seat and moving average studies are in a bull-mode set-up, highlighting a clear uptrend and positive market sentiment. The focus remains on $2,690.2 next, a Fibonacci projection, while firm support lies at $2,602.0, the 20-day EMA.