Gold (XAU/USD) jumps more than 3.50% on Wednesday as weaker-than-expected US labour market data pressures the US Dollar (USD), while lower Oil prices on hopes of reopening the Strait of Hormuz ease inflation concerns and weaken expectations for Federal Reserve (Fed) rate hikes. The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, trades around 99.70. Traders now look ahead to Friday’s Nonfarm Payrolls (NFP) report for further clues about the US labour market. This suggests that interest rates could stay higher for longer, which may prevent Gold from staging a stronger recovery. On the downside, the 50-day SMA at $4,160 offers initial support, followed by the 21-day SMA at $4,064 and the psychological $4,000 mark.