GOLD PRICE FORECAST: XAU/USD BEARS ARE PUSHING BACK AHEAD OF NONFARM PAYROLLS

Gold price is tracking the ebbs and flows in the US Dollar on Wednesday but holding its own in the $2,020s in midday trade having traveled between a low of $2010.09 and $2032.11 so far on the day. The US Dollar initially fell to mark a fresh bear cycle low on Wednesday but has since recovered the best part of the losses made on Tuesday´s sell-off and is now reaching back towards 102.00 DXY, making the Gold price a touch less affordable for international buyers.

Nevertheless, the Gold price rose to a fresh 13-month high early on Wednesday as investors move to safe havens after a second-straight report showed slowing employment growth for the United States as interest rates rise. A combination of this week´s data and a report today that showed US private sector employers added 145,000 jobs in March, well under expectations for a rise of 210,000, sent the greenback to a low of 101.415 DXY. The data came in well below the 242,000 positions gained in February. The data follows the weak result for US new job openings released Tuesday and gives rise to sentiment that the Federal Reserve is about to pivot due to the evidence that the US economy is slowing.