Gold (XAUUSD) Market Preview for the Week of April 10-April 14,

The next direction in the Gold price remains at the mercy of the United States labor market report, which is the last employment data for the Federal Reserve to assess ahead of the May 2 and 3 monetary policy meeting. Economists are expecting the US economy to add 240K jobs in March, compared with a 311K increase reported in February. The March Unemployment Rate is likely to hold steady at 3.6% while the Average Hourly Earnings are seen easing further to 4.3% in the reported month vs. 4.6% previous.

A miss on the headline Nonfarm Payrolls number combined with softening wage inflation in the United States will build a perfect case for a Fed rate hike pause in May, triggering a fresh sell-off in the US Dollar and the US Treasury bond yields while lifting Gold price back toward the yearly high of 2 ,032. If Nonfarm Payrolls figure surprises to the upside, 25 basis points (bps) Fed rate hike bets will strengthen further, resuming the Gold price correction below 2 ,000.

Irrespective of the outcome of the US labor market data, volatility spikes are likely to emerge amid thin liquidity, as major stock markets are closed globally in observance of Good Friday. Additionally, investors could resort to repositioning ahead of next week’s critical United States Consumer Price Index (CPI) data release.

Support level: 2,009.70 1,991.20 1,982.10

Resistance: 2,024.90 2,037.85 2,050.00

Trading recommendation:

SELL GOLD 2029 - 2030

Stop Loss : 2033

Take profit 1: 2020
Take profit 2: 2010
Take profit 3: 2005

BUY GOLD 1990-1991

Stop Loss : 1988

Take profit1 : 2000
Take profit 2: 2010
Take profit 3: 2020

Note: Always install Stoploss and Takeprofit to ensure safety in trading