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.
Fed officials, however, maintain that they will keep their easy money plans in place even in the face of a potential bout of inflation this spring in an economy boosted by vaccines and government spending.
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.
Resistance is at $1,783, a break above which could lead to a gain to $1,801. On the daily chart, gold is retesting a support at $1,769, the 61.8% projection level of a downward wave C from $1,959.01.