The number of Americans filing new jobless claims fell to a four-month low last week, while the US market morale rose to its highest in a year in early March.
The European Central Bank is likely to signal faster money printing on Thursday to keep a lid on borrowing costs but it will stop short of adding firepower to its already aggressive pandemic-fighting package.
Only a break above $1,761 could signal the completion of the wave C. On the daily chart, gold is still testing the support at $1,723, the 76.4% projection level of a downward wave C from $1,959.01.
US bank Wells Fargo said it has expanded its precious metals trading business, filling gaps in the market left by the withdrawal of Bank of Nova Scotia (Scotiabank).