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Gold prices trades flat ahead of US economic data. It hits a high of $2650 and is currently trading around $2639.
The ADP report is expected to show that private sector jobs increased by 233,000 in October, marking the highest growth since July 2023 and reflecting a strong recovery after hurricane impacts. Most of the job gains are likely from the service-providing sector, with education, health services, and hospitality seeing significant contributions. Year-over-year wage growth for those staying in jobs is projected to slow to 4.6%, while job-changers may see gains around 6.2%. The ISM Services Index will also be a key indicator of economic health, with readings above 50 showing growth. Analysts are watching these figures closely for insights into consumer spending and economic momentum.
Technical Outlook for Gold Prices
Technically, gold prices are currently above both short-term and long-term moving averages, indicating a bearish trend. Immediate support is at $2,600, with potential declines to $2,570, $2,536, and $2,500. Resistance is at $2,670; breaking this level could lead to prices rising toward $2,700, $2,720, and $2,750. A suggested strategy is to buy on dips between $2,600, with a stop-loss at $2,570 and a target price of $2,665
