- Gold weakened ahead of US March jobs report.
- Treasury bond yields rise.
- XAU/USD remains negative for the week, although it is far from the lows.
The gold is falling on Friday ahead of the release of the US March jobs report. The yellow metal fell below $1930 and looks weaker, while US Treasury yields and the dollar rose.
The focus is on the data that will be known at 1230 GMT. Non-farm payrolls are expected to show a rise of 490,000 and the unemployment rate has gone from 3.8% to 3.7% in March.
Before those figures, the dollar rises modestly, supported by advances in Treasury yields. The 10-year rate is at 2.41%, far from Thursday’s low of 2.31%. This is playing against XAU/USD.
Without being able to affirm about 1940$
The XAU/USD failed to assert above $1940 bounce from levels below $1890 lost momentum. Above $1,940, $1,952 appears, which is where the 20-day moving average is passing, which is now turning south. A clearly above closure could restore strength to the metal. If it continues below, the rises will seem unsustainable.
In the opposite direction, a close below $1910 would be a negative factor. For the next few hours, the first support appears at $1918/15, followed by $1906. Below the latter, the metal could look for the current week’s low below $1890.
Technical levels
Source: Fx Street
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