Gold opened this week’s trading on a notable rise, as it hit an all-time high at $3128, where the Simple Moving Average is providing positive signals as the price moves above it on the 4-hour chart.

Meanwhile, gold is moving within the bullish channel, as trading above the first resistance level at $3114. A sustained move above it could open the way to record additional gains that might extend towards $3142.

On the downside, if gold fails to break above the first resistance at $3114, it may indicate a loss of momentum, potentially driving the price lower to the weekly pivot point at $3058. A break below the aforesaid pivot point may dump prices downward to support levels $3029 then $2973.

As for economic data, markets are gearing up for a much-anticipated event on April 2, when Trump is expected to unveil a new batch of tariffs that could upend longstanding international trading relationships. This day is anticipated to mark a sharp escalation in Trump’s efforts to rebalance the United States’ trade position since his return to the White House for a second term earlier this year.

However, the services and industrial sectors in major economies are likely to grab attention. If the data exceeds expectations, it could negatively impact gold prices. On the flip side, improvement in these sectors could have a positive effect on their economic activities.

In addition, markets are awaiting U.S. jobless claims. As forecasts indicating an increase to 227 thousand Americans seeking unemployment insurance, from 224 thousand previously. If the data exceeds the expected, it could strengthen the U.S. labor market, potentially contributing to a decline in gold prices.

Finally, investors will provide utmost attention the U.S. non-farm payroll data, with expectations referring to a job retreat to 139,000, following a hiring pace of 151,000. Positive data will probably support the dollar and pressure gold, while weak jobs figures could help the yellow metal resume its recovery.