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Gold edges lower on strong employment, services data

Gold has edged lower in the Wednesday session, after posting sharp losses on Tuesday. In North American trade, the spot price for one ounce of gold is $1188.72, down 0.27% on the day. On the release front, ADP nonfarm payrolls jumped 230 thousand in September, crushing the estimate of 185 thousand. There was more positive news from the services sector, as ISM Non-Manufacturing PMI climbed to 61.6, above the forecast of 58.0 points. On Thursday, the U.S releases unemployment claims.

The U.S releases a host of employment numbers this week, kicking off with ADP nonfarm payrolls on Wednesday. The sparkling reading of 230 thousand marked the strongest increase in private sector jobs since March. On Thursday, we’ll get a look at unemployment claims, followed by three key indicators on Friday – wage growth, nonfarm payrolls and the unemployment rate. With the markets expecting a drop in wage growth and nonfarm payrolls, traders should be prepared for some volatility in gold prices.

Euro jumps as Italy revises budget plans [1]

A tempest in a cappuccino cup or mama mia, here we go again? [2]

ADP employment increased by 230,000 in September [3]


XAU/USD Fundamentals

Wednesday (October 3)

Thursday (October 4)

*All release times are DST

*Key events are in bold


XAU/USD for Wednesday, October 3, 2018

XAU/USD October 3 at 12:20 DST

Open: 1191.82 High: 1192.59 Low: 1184.63 Close: 1188.72


XAU/USD Technical

S3 S2 S1 R1 R2 R3
1115 1146 1170 1204 1220 1236

XAU/USD edged higher the Asian session but gave up these gains in European trade. The pair has posted slight losses in North American trade

Further levels in both directions:

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Kenny Fisher

Kenny Fisher [7]

Market Analyst at OANDA [8]
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including Investing.com, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

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