US Employment Data Awaited- Asian Gold markets flat

Wednesday has seen a flat trend in Asian gold markets ahead of ADP employment data due to be released this evening.

On the Comex December gold was slightly up by 0.04% and was at $1,776.35 a troy ounce. It touched a session low of $1,774.05, and was seen at a high of $1,776.45 prior to that.

A support for the bullion is expected at 1,773.25 a troy ounce, Tuesday's low and a resistance at $1,786.55, yesterday's high.

Report by Automatic Data Processing (ADP) on national employment, measures changes in US non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients on a monthly basis.

The private sector report is a good indication and is followed by the government’s report that sets the stage for market movements.

A positive report is bullish for the USD and thereby bearish for bullion. This time around the report may indicate 150K of additional jobs even as the past reports showed 201K on September 6.

The data may get released at 18.45 IST. Meanwhile, December silver on the Comex was down 0.17% and was trading at $34.610 a troy ounce. Via

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