The roller coaster ride continues in the precious complex as gold reverses course from yesterday’s

The roller coaster ride continues in the precious complex as gold reverses course from yesterday’s rally on the back of less-than-inspiring ADP private sector payroll data. The yellow metal closed the previous session at $1320.70, fueled in part by ADP data that showed just 166,000 private sector jobs were added in September. While that number was up from August it still missed the estimated mark of 180,000 jobs. US Dollar weakness, due to the ongoing battle in Washington that has led to a partial shutdown of the US government, was also a factor in yesterday’s rally. However, this morning’s report that initial jobless claims rose by just 1,000 last week has market participants scratching their heads as they gear up for tomorrows NFP numbers. Gold is now trading $1310. The precious complex should find some downside cushion as the government shutdown drags on and the country inches ever closer to the debt ceiling. Have a great day!