Comex Gold Rallies on Lower ADP Jobs Estimate, Further Dollar Weakness

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Comex Gold Rallies on Lower ADP Jobs Estimate, Further Dollar Weakness
By Jim Wyckoff
31 March 2010, 9:45 a.m.
Comex gold futures pushed to fresh session highs Wednesday in the wake of a surprisingly weak ADP U.S. non-farm payroll jobs estimate that came in at down 23,000. Traders had expected the ADP estimate to come in at up 50,000.
The U.S. dollar index sold off immediately after the ADP release, while gold saw a push to a fresh two-week high of $1,119.90 in June Comex futures. June gold was last traded up $12.00 an ounce at $1,117.70. The bulls have gained some fresh upside technical momentum with Wendesday's rally, and are now focused on taking out solid chart resistance at the last "reaction high" on the daily bar chart, which is located at $1,135.00
 
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