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04-Oct (USAGOLD) — Gold came under heavy pressure today after negating
support at 1302.00/1300.00. While the short-term tone is negative, the
200-day moving average at 1257.36 remains intact thus far.
Tonight we’ll see September services PMI for Japan and September CPI data from
Korea, Taiwan, Philippines. We’ll also see if Asian markets take a shine to
these lower gold prices.
U.S. data for Wednesday includes the September ADP Employment Survey,
August trade data, Markit services PMI, services ISM and factory orders. Any
soft data may well reverse out the rise in rate hike expectations that
developed today.
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