Gold Price Forecast: XAU/USD prints fresh one-year highs above $2,030 after US ADP
- Gold price rose to $2,031/oz, new one-year high.
- US March ADP report came in below expectations, attention turns to ISM Service PMI.
- US yields and DXY turn lower after data.
Gold price printed fresh one-year highs at $2,031 after the release of US employment data. The yellow metal then pulled back modestly, and ahead of more economic reports, it is hovering around $2,020.
US data weighs on yields, boosts Gold
Automatic Data Processing (ADP) released it employment report showing that in March the private sector added 145,000 jobs, below market consensus of 200,000. February’s figures were revised higher from 242,000 to 261,000.
After the report, US yields printed fresh weekly lows and the US Dollar weakened. The numbers still show a healthy labor market, but slowing down. More data from the US is due on Wednesday with March ISM Service PMI.
Indicators remain bullish for Gold. A break above $2,030 would favor a test of the all-time high around $2,075. On the downside, the immediate support stands at $2,015 followed by $2,000.
Technical levels
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
