The gold price (XAU/USD) has pulled back slightly but is still trading near $3,100. After hitting a record high on Thursday, the price dropped during Friday’s Asian session. Even with this drop, the market still looks strong. Traders are now focused on the upcoming US Nonfarm Payrolls (NFP) report.
Key Highlights for Gold Price
The NFP report may show 135K new jobs added in March.
Gold stays above important support levels between $3,054–$3,056.
New US tariffs raise global fears and push investors toward gold.
The US Dollar remains weak, helping gold hold its ground.
Traders expect the Federal Reserve to start cutting rates again.
Gold Price Outlook: Market Overview and Global Trends
The price of gold is being supported by big news in the global economy. US President Donald Trump announced 10% tariffs on all imports. This move could slow the global economy and cause a US recession. As a result, investors are turning to gold for safety.
Economic data in the US also shows signs of weakness. The ISM Services PMI dropped to 50.8 in March, down from 53.5 in February. This shows the service sector is slowing. Jobless claims fell slightly to 219,000, but concerns about the labor market remain.
Because of these signs, many believe the Federal Reserve will begin cutting interest rates by June. Lower interest rates often weaken the dollar and make gold more attractive.
Gold Price Analysis: Technical Levels and Chart Insights
Gold is now facing resistance between $3,115–$3,125. If it moves above this range, it could reach the record high of $3,157–$3,158 again.
On the downside, strong support lies between $3,054–$3,056. This level matches the 100-period Simple Moving Average on the 4-hour chart. If gold drops below this area, it could fall to $3,036 or even $3,000.
Expert Thoughts: Market Outlook
Analysts believe gold still has room to rise. The market is being supported by weak economic data, fears of a US recession, and talk of rate cuts.
One expert explained:
“Even though gold dipped today, the big picture is still positive. With rate cuts expected and market fears rising, gold could soon hit new highs again.”
Conclusion: All Eyes on the NFP Report
Gold remains in a strong position despite today’s drop. Investors are waiting for the NFP report, which could give more clues about the US economy. If the report is weak, it could boost gold even higher.
Stay informed with daily market insights at Daily Gold Signal, where expert analysis and real-time alerts are always available.
For daily price updates and news, visit Daily Gold Update.
