Gold climbed to a fresh one-month high above $2,050 this week. The technical outlook points to a slightly bullish tilt in the near term. February labor market data from the US could trigger a big reaction in XAU/USD. Gold gathered bullish momentum and reached its highest level since early February above $2,050 on Friday after spending the first half of the week consolidating in a tight channel.
The headline PMI is forecast to hold above 50 in February and highlight an ongoing expansion in the service sector’s business activity. In January, the Prices Paid Index of the PMI survey jumped to 64 from 56.7 in December, showing an acceleration in the input cost inflation. A similar increase in the inflation component in February could provide a boost to the USD and weigh on XAU/USD with the immediate reaction.
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