• Gold price has recovered its opening sell-off and has scaled back above the $2,000.00 resistance.
• Rock-bottom US Unemployment Rate has recuperated expectations of a consecutive 25 bps rate hike from the Fed.
• Solidifying expectations of one more rate hike from the Fed pushed US Treasury yields higher.

Gold price (XAU/USD) witnessed an intense selling interest at open but showed a decent recovery amid the presence of responsive buyers at lower levels. The precious metal dropped firmly below the psychological support of $2,000.00 as chances for one more 25 basis points (bps) rate hike have soared significantly but have managed to recuperate losses and have scaled back above the $2,000.00 resistance. The CME Fedwatch tool shows a sudden increase in chances of a 25 bp rate hike by more than 65%.

Rock-bottom Unemployment Rate in the United States economy has recuperated expectations of a consecutive 25 bps rate hike from the Federal Reserve (Fed). The jobless rate landed at 3.5% on Friday, lower than the expectations and the former release of 3.6%. Meanwhile, the US Nonfarm Payrolls (NFP) data remained subdued as the US economy added mildly lower employment in March at 236k than the consensus of 240K.