Commodities Still Under Pressure, Trading In State of Coma Says Senior Trader

Gold prices once again drifted lower mid-Wednesday, reacting to considerably better-than-expected U.S. ISM non-manufacturing data. One market analyst remarked that commodities seem to be trading in a state of coma. 'You can see gold hovering between $1,070-$1,085 - it really looks like it doesn't want to go anywhere. If it was a heart patient, they would call it dead, it's really just flatlining along the base,' said Todd 'Bubba' Horwitz, a senior market strategist at Adam Mesh Trading. The metal moved up from its overnight lows just after the open of U.S. trading, following the July ADP jobs report, which showed a rise of 185,000, slightly missing to the downside of market expectations. The ADP report is a precursor to Friday's more important U.S. jobs report for July from the Labor Department.