Gold’s Make-or-Break Moment: XAU/USD Eyes $3,370 as US Jobs and GDP Data Threaten to Shake Markets

Gold traders are strapped in for a volatile week—US jobs and GDP numbers could either rocket XAU/USD past $3,370 or send it crashing back to earth.

The metal’s latest rally looks fragile. Another ’strong’ economic report from the US? That’s just Fed-speak for ’higher rates for longer’—and gold hates that.

Watch the 50-day moving average. Break that, and the bulls might finally admit they’re just trading a shiny inflation hedge in a digital asset world.

Economic Events That Could Drive Gold Next Week

Several high-impact U.S. economic releases are due this week:

• Tuesday (Apr 29): JOLTS Job Openings (Forecast 7.48M; Prior 7.57M)

• Wednesday (Apr 30):

  • ADP Non-Farm Employment Change (Forecast 123K; Prior 155K)

  • Advance Q1 GDP (Forecast 0.4%; Prior 2.4%)

  • Employment Cost Index (Forecast 0.9%)

  • Core PCE Price Index (Forecast 0.1%; Prior 0.4%)

• Thursday (May 1):

  • Unemployment Claims (Forecast 224K; Prior 222K)

  • ISM Manufacturing PMI (Forecast 48.0; Prior 49.0)

• Friday (May 2):

  • Non-Farm Payrolls (Forecast 129K; Prior 228K)

  • Unemployment Rate (4.2%)

  • Average Hourly Earnings (0.3% m/m)

Weaker GDP and soft labor market expectations could boost gold if data disappoints. But sticky inflation readings could strengthen the dollar and weigh on gold.

Technical Outlook: Gold Eyes Break Above $3,370

Technically gold is in a long term uptrend above the trendline from the early April lows. MACD is still negative but improving and could turn bullish if buying continues.