Sorry $1,300:00 ! Gold Holding Steady Following Drop In ADP Employment
By Kitco News
Wednesday November 02, 2016 08:18
Gold Dec '16 (GCZ16) COMEX
1,299.0+11.0(+0.85%)07:55 CT
(Kitco News) - Gold is holding near its new one-month high, just below key resistance, as weaker-than-expected private payrolls data is providing some renewed momentum.
Wednesday, private payrolls processor ADP, said that 147,000 jobs were created in October, down from September’s revised gains of 202,000; the initial September report pegged the gains at 154,000. The numbers were also weaker than expected with consensus forecasts calling for an increase of around 166,000 jobs.
For many commodity analysts, $1,300 an ounce has been a key resistance level and a push past this price could signal an end to the correction the market has been in since October. December gold futures last traded at $1,298.40 an ounce, up 0.81% on the day.
The report noted declines in three major sectors of the economy last month. The goods-producing sector saw a drop of 18,000 jobs, construction industry lost 15,000 jobs and manufacturing lost 1,000 jobs.
The service-providing sector saw 165,000 new positions created last month, trade transportation and utilities created 17,000 new jobs, the financial sector created 18,000 jobs and professional and business industry created 69,000 jobs.
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