GOLD: Corrective Pullbacks Remain Shallow After Risk Bounces Back

• ADP employment saw an average week-on-week increase of 11.5k in the four weeks to Dec 6, a moderation after the upward revised 17.5k (initial 16.25k) in the four weeks to Nov 29.
• Prior revisions were generally upward although they don’t materially change the recent story: there has been some improvement in the second half of November, which has since continued into December, after a return to negative -31k in the monthly ADP report (based off its reference period including the 12th of the month).
• The latest rate is equivalent to a 46k monthly increase as it starts to give a better idea of potential readings ahead of the December ADP report released on Jan 7. We’ll have a particularly good idea after next week’s weekly update on Dec 30 as it runs up to Dec 13 and starts to directly overlap that reference period including the 12th.
• ADP didn’t provide any color this week. 

Donald J. Trump

@realDonaldTrump

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• MNI: US CONF BOARD CONSUMER CONFIDENCE 89.1 IN DEC V NOV 92.9