Wed 02 May 2012 11:18:00 CT
While the March ADP employment reading was a bit stronger than expected, that reading was partially countervailed by a somewhat disappointing April result. However, while gold did seem to bounce in the wake of the ADP figures, that rally attempt failed into the 7:30 cst time frame. From the mid morning high, to the low just ahead of the Factory Orders release, June gold managed a slide of roughly $14 an ounce. Even though gold managed to bounce again after the second set of data, the bull camp just didn't seem to have the capacity to completely erase the initial bearish bias. Just to add to the bear's case in gold today, the US Mint released monthly gold coin sales figures, which showed the weakest gold coin sales in 40 months!
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