Unquestionably, tomorrow’s release of the U.S. Labor Department’s jobs report for July will be an important component that will shape and determine adjustments to the current monetary policy of the Federal Reserve.

ADP released July’s jobs report, which indicated a dramatic decline from June to July. Private companies added only 330,000 jobs last month, falling far below the initial estimates of 653,000.

Ever since last Thursday when gold ran from $1806 to $1831 immediately following last month’s FOMC meeting gold has been consolidating with a definitive bias to the downside.