Gold Focus This Week: Covid-19, Jobless Claims and US NFP

<p>The following XAU / USD weekly analysis is based on the market closing price until the end of last week (March 27, 2020), and is intended as a reference for medium and long term trading. Fundamental Review After declining by 11% in two consecutive weeks, last week the price of gold turned stronger and closed at the level of USD 1619.06 per troy ounce. The closing price strengthened by 8.15% compared to the previous week. The strengthening of precious metals prices was triggered by fears of a global economic recession due to the increasingly massive spread of Covid-19, and the drop in the USD index after the US was declared as the country with the highest Covid-19 case in the world, surpassing China. A significant jump in gold prices occurred after the release of US unemployment claims data showed 3.28 million, the highest in history. At the same time, the US government poured a fiscal stimulus of USD 2 trillion to maintain economic growth, which was approved by the Senate. This shows a</p>