06 Mar Wednesday Intra-Day

Gold price stayed pretty much around 37978 during morning in London. Dealers in Asia reported an increase in demand for physical bullion, in contrast with ETFs, which have continued to see selling. It looks like there is a fierce battle going on in between Bulls and Bears as we can see it in image. Many of the analysis from major investment banks around are seeing gold to drift lower in short-term. Watch very carefully of movements in upside direction, got to see if they hold.

One of the important economic news release today was ADP Non Farm Employment Change USD which came 198K, better than expected 172K but less than previous of 215K. What it measures? It measures an estimated change in the number of employed people during the previous month, excluding the farming industry and government. If Actual is higher than forecast then, it is considered to be good for the currency. And why traders care about it? Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity. (Source : forexfactory.com)