The XAU/USD pair shows a corrective decline, retreating from the record highs of March 2022, updated the day before. The instrument is testing 2010.00 for a breakdown, waiting for new drivers to appear on the market. Investors are in no hurry to open new positions in anticipation of tomorrow's publication of the March report on the US labor market, which may significantly affect the future monetary policy of the US Federal Reserve. Current forecasts for the May meeting of the regulator are ambiguous and almost equally imply both keeping the interest rate unchanged and its further increase by 25 basis points. One way or another, the pressure on the American currency is increasing this week with the publication of uncertain macroeconomic statistics. The day before, a weak report was released from Automatic Data Processing (ADP) on Nonfarm Payrolls, which reflected a drop in the indicator from 261.0 thousand to 145.0 thousand, with a forecast of 200.0 thousand. The Services PMI from the Institute of Supply Management (ISM) was also disappointing, falling in March from 55.1 points to 51.2 points, which turned out to be noticeably worse than expected at 54.5 points. The instrument, in turn, is supported by the declining yield of US bonds observed since the end of March: 10-year Treasuries are trading at a rate of 3.2940% after opening at 3.3480% at the last session.
