- Gold maintains a bullish bias, with the moment to the downside.
- Important data from the US could lead to a breach of Wednesday’s small range.
The Gold is trading sideways on Wednesday around $ 1,813 an ounce. The price reached a daily high at $ 1,816 and then fell to $ 1808, remaining in a small range for the past few days. The release of US data will challenge that range.
The stability of the last hours, due in part to lower volatility in financial markets. Operators are waiting for key data from the US In minutes it will be the turn of ADP’s report on job creation in the private sector (consensus: +630,000). Later will come the manufacturing ISM. On Friday the focus will be on the official report with non-farm payroll, which is estimated to have increased by 750,000.
The data may have a great impact on the market through changes in the expectations of the Fed’s monetary policy and therefore also in gold. What happens to the dollar and Treasury bond yields can play a role. Yields on Wednesday are largely unchanged at the moment, helping XAU / USD stability.
The price continues to slow below $ 1820. Should it break down and assert above it, gold could go to the next key zone which is the July / August highs at $ 1,833. To the downside, a confirmation below $ 1806 will be a sign of weakness with the next strong support being at the $ 1790 / $ 95 band.
Technical levels
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