Gold price (XAU/USD) stabilizes just above $3,120 at the time of writing on Wednesday after some easing from the prior day where a fresh all-time high got eked out at $3,149 before closing negative.
The Gold rush rally stalled ahead of United States (US) President Donald Trump officially announcing the reciprocal tariff implementation later this Wednesday at the White House with his entire cabinet present.
However, with uncertainty building up towards this day, the announcement itself could be less impactful than initially thought, resulting in a sharp correction for Gold this week as a "buy the rumour, sell the news" event.
Meanwhile, traders are gearing up for the always-important private sector employment data provided by Automatic Data Processing (ADP). Although there is no proven correlation with the Nonfarm Payrolls (NFP) release on Friday, traders still see it as a litmus test. Expectations are for a surge of 105,000 new employment in private jobs in March, compared to 77,000 in February.
This could make sense as the Department of Government Efficiency (DOGE) has been trying to push public sector employees towards private jobs.
Source: FXStreet
