04.04.202511:50 Forex Analysis & Reviews: XAU/USD. Analysis and Forecast

Gold is attracting some sellers for the second day in a row, despite the absence of any clear fundamental catalyst for a decline. Most likely, this is due to trading repositioning ahead of the key U.S. Nonfarm Payrolls (NFP) report, as well as a corrective move in the U.S. dollar driven by short-covering.

Recent actions by U.S. President Donald Trump—who announced reciprocal tariffs on imports—have shaken global financial markets and heightened concerns about potential negative impacts on the global economy. This has led to increased expectations that the Federal Reserve will resume its rate-cutting cycle, which in turn supports interest in gold as a safe-haven asset.

Interestingly, the yield on 10-year U.S. Treasury bonds has fallen below 4% for the first time in six months, preventing the dollar from recovering. At the same time, data on U.S. services sector activity indicated a slowdown, which further weighs on the dollar and supports the precious metal.

From a technical perspective, gold may find support near the $3057 area, which aligns with the 100-period simple moving average (SMA) on the 4-hour chart—a key reference point for short-term traders. A break below this level could trigger technical selling, making the metal vulnerable to a deeper corrective decline toward intermediate support at $3035, en route to the psychological level of $3000.

On the other hand, the resistance zone around $3116 will be key for the bulls. A breakout above this area could signal the continuation of the multi-month uptrend during which gold reached a new all-time high—especially now that oscillators on the daily chart have exited overbought territory.

For more actionable trading opportunities today, it is advisable to focus on the release of the NFP employment data, which could significantly impact market direction.