Gold Price Forecast: XAU/USD stuck around $2,300 as market players lack directional conviction

XAU/USD Current price: $2,302.95 The Federal Reserve failed to deliver a clear message on future rate moves. Market players await the April US Nonfarm Payrolls report. XAU/USD is neutral-to-bearish in the near-term, strong selling interest around $2,336.50. The US Dollar traded throughout the day on sentiment, advancing with optimism while falling when things soured.

The ADP survey indicated that the private sector added 192K new positions in April while the number of job openings remained little changed at 8.5 million on the last business day of March, according to the JOLTS Job Openings report. Furthermore, the US reported Unit Labor Costs in the first quarter of the year rose 4.7%, implying an upward risk to inflaiton, while Nonfarm Productivity in the same quarter advanced a measly 0.3%.

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