Economic Indicators

16：50 French Services PMI (Nov)‧Fcst45.7‧Prev45.7
16：50 French Composite PMI (Nov)‧Fcst44.8‧Prev44.8
16：55 German Services PMI (Nov)‧Fcst49.4‧Prev49.4
16：55 German Composite PMI (Nov)‧Fcst47.3‧Prev47.3
17：00 EZ Services PMI (Nov)‧Fcst49.2‧Prev49.2
17：00 EZ Composite PMI (Nov)‧Fcst48.1‧Prev48.1
17：30 UK Services PMI (Nov)‧Fcst 50.0‧Prev50.0
17：30 UK Composite PMI (Nov)‧Fcst49.9‧Prev49.9
18：00 EZ PPI (MoM) (Oct)‧Fcst+0.4%‧Prev-0.6%
18：00 EZ PPI (YoY) (Oct)‧Fcst-3.3%‧Prev-3.4%
21：15 US ADP Nonfarm Employment Change (Nov)‧Fcst+150K‧Prev+233K
22：45 US Composite PMI (Jan)‧Prev55.3
22：45 US Services PMI (Jan)‧Prev57.0
23：00 US Factory Orders (MoM) (Oct)‧Fcst+0.2%‧Prev-0.5%
22：00 US Factory orders ex transportation (MoM) (Oct)‧Prev+0.1%
22：00 US Durables (MoM) (Oct)‧Prev+0.2%
22：00 US Durables Excluding Defense (MoM) (Oct)‧Prev+0.4%
22：00 US Durables Excluding Transport (MoM) (Oct)‧Prev+0.1%
22：00 US ISM Non-Manufacturing PMI (Nov)‧Fcst55.5‧Prev56.0
22：00 US ISM Non-Manufacturing Business Activity (Nov)‧Prev57.2
22：00 US ISM Non-Manufacturing Employment (Nov)‧Prev53.0
22：00 US ISM Non-Manufacturing New Orders (Nov)‧Prev57.4
22：00 US ISM Non-Manufacturing Prices (Nov)‧Prev58.1

XAU London Gold – Gold stuck in stalemate, awaiting US jobs data

London gold was in a narrow range on Tuesday, roughly following the sideways trend of the US dollar. The market is waiting for further economic clues; before the release of the US non-farm payrolls report on Friday, investors' focus will turn to Wednesday's ADP employment report and the Chairman of the Federal Reserve. Powell's speech. Traders currently see about a 72% chance of a 25 basis point rate cut by the Fed in December. The 10-year Treasury yield fell to its lowest in more than a month, also limiting gold's losses.

As seen on the technical chart, RSI and stochastic index have recovered from the oversold area, and it is expected that gold prices will stabilize again. The nearest support is expected to be US$2,620 and US$2,600, with the next level referring to the 100-day moving average of US$2,577. The drop in gold prices in mid-November also found support just at the 100-day moving average. The key will be at 2535. From the consolidation bottom near US$2280 from May to June to the end of last month when it reached 2790, the cumulative increase was nearly US$510. A half retreat would be US$255 to US$2535. As for the current resistance, look at the 25-day moving average of $2653 and $2666, and the next level of resistance is estimated at $2690 and $2725.

London Gold December 4
Forecast early volatility: 2633 – 2649
Resistance 2654 – 2665 – 2676
Supports 2623 – 2612 – 2602

SPDR Gold Trust gold holdings:
November 25 – 879.41 tons
November 26 – 878.55 tons
November 27 – 878.55 tons
November 28 – 878.55 tons
November 29 – 878.55 tons
December 2 – 875.96 tons
December 3 – 873.66 tons

3/12 AM London Gold Fix: $2645.35
3/12 PM London Gold Fix: $2640.65

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