Gold edges higher ahead of ADP employment in the US

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FXstreet.com (Barcelona) - With the 1771/72 area supporting the upside, Gold is at a rise on Wednesday ahead of the ADP employment data in the US that should give hints about Friday's Nonfarm Payrolls. Lower figures are expected in today's data: "Consistent with our above-consensus call for payrolls on Friday, we are slightly above consensus on today's ADP report, looking for it to fall from 201k to 150k, 10k better than expected", wrote TD Securities strategist Marcin Budkiewicz.

Gold rallied during the European session to a high at 1780, where resistance there triggered a quick drop towards 1775.50 area. The precious metal is currently edging higher by +0.25% on the day ( GMT ).

"The "shooting star" on 21 September and the strong resistance area between 1791 and 1803 suggest limited short-term upside potential"; wrote MIG Bank analyst Bijoy Kar, expecting a a phase of weakness given the proximity of the aforementioned resistances and the current overextended rise,



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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