Friday's jobs report for March could trigger the next big action in the Gold price. XAU/USD could test recent highs this week, economists at TD Securities report.
Lower-than-expected PCE inflation and possible new economic weakness
“With investors continuing to worry that the recent bank industry crisis will reduce lending in the US, and interest rate sensitive sectors are set to experience a difficult period, investors decided that Gold is unlikely to drop lower.”
“Gold is set to test recent highs near $2,000 amid lower-than-expected PCE inflation and possible new economic weakness. However, the market looks to the March payrolls to decide if next week is the time to take Gold to recent highs.”
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