Recently, Powell indicated that a US interest rate cut would likely be appropriate “sometime this year” if the economy develops as expected, raising expectations for a Fed rate cut in June. Markets are currently pricing in a roughly 63% chance that the regulator will cut the federal funds rate in that period. Meanwhile, US service sector growth slowed more than expected in March, accompanied by a decline in input prices to their lowest level in four years. However, the US ADP employment report beat expectations, as private companies added a total of 184,000 jobs.Additionally, gold prices have risen by over 11% in 2024, supported by strong demand for safe havens amidst escalating geopolitical tensions in the Middle East and Ukraine.US stock market indices closed mixed on Wednesday. According to stock trading platforms, the S&P 500 index rose by 0.1%, the Nasdaq rose by 0.2%, while the Dow Jones index lost 43 points in a three-day losing streak. Currently, the Investors are focusing on comments from Federal Reserve Chairman Jerome Powell regarding future monetary policy.Powell mentioned that the Federal Reserve is succeeding in achieving a soft landing despite the impact of rising interest rates on the economy. He reiterated that interest rates would not be lowered unless there is solid evidence of declining inflation. Recent data, including declining service provider prices and slowing activity growth, support this stance. The ADP employment report indicated a tight labor market, with 184,000 jobs added in the private sector. Among major technology stocks, both Netflix and Meta rose by over 1.8% each. Additionally, Spotify rose by 8.4% amid reports of subscription price increases in the US and other markets. Also, Intel’s shares fell by 8.2% after revealing an operational loss of $7 billion in its manufacturing division in 2023.
 Gold Price Forecast and Analysis Today:Based on the performance on the daily chart, the price of gold is on a strong upward trajectory, with its recent record gains pushing all technical indicators towards strong buying saturation levels. Therefore, profit-taking selling operations are expected to occur at any time, especially if the US dollar gains positive momentum by the end of the week, should US employment figures come in stronger than expected. Based on the performance on the daily chart, there will be no reversal of the uptrend without moving towards the $2100 and $2000 levels, respectively.More By This Author:GBP/USD Analysis: Bears In ControlGold Analysis: Bullish Breakouts ContinueGBP/USD Analysis: Treading Lower