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.

Matías Salord FXStreet

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

XAU/USD

Overview
Today last price	2026.35
Today Daily Change	5.95
Today Daily Change %	0.29
Today daily open	2020.4

Trends
Daily SMA20	1943.47
Daily SMA50	1895.78
Daily SMA100	1857.33
Daily SMA200	1785.72

Levels
Previous Daily High	2025.08
Previous Daily Low	1977.03
Previous Weekly High	1987.7
Previous Weekly Low	1944.08
Previous Monthly High	2009.88
Previous Monthly Low	1809.46
Daily Fibonacci 38.2%	2006.72
Daily Fibonacci 61.8%	1995.39
Daily Pivot Point S1	1989.93
Daily Pivot Point S2	1959.45
Daily Pivot Point S3	1941.88
Daily Pivot Point R1	2037.98
Daily Pivot Point R2	2055.55
Daily Pivot Point R3	2086.03

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.

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