Gold prices down but largely ignores drop in U.S. weekly jobless claims

Gold is under fresh technical selling, with spot last at $4,618.50/oz, down nearly 3% on the day, even as U.S. initial jobless claims unexpectedly fell to 202,000 for the week ended March 28 versus 212,000 expected. The market is looking past the stronger labor data, but the immediate takeaway is that gold has failed to clear resistance at $4,800/oz, leaving momentum vulnerable and sellers in control for now. The Labor Department also revised the prior week’s claims higher to 211,000, while the four-week average eased to 207,750 from 210,750. Continuing claims rose to 1.841 million from 1.816 million, suggesting laid-off workers are still facing difficulty re-entering the labor market. Analysts quoted in the piece say stronger data could keep pressure on gold by giving the Fed room to maintain a neutral stance, especially with inflation still elevated and policymakers signaling no hurry to cut rates. For traders, the key near-term catalyst is whether gold can stabilize above the mid-$4,600s and retest the $4,800 resistance zone, or whether technical liquidation extends lower if macro data keeps surprising to the upside. The article implies the current tape is being driven more by positioning and chart levels than by the labor release itself, so any shift in Fed pricing or a break back above resistance would likely be the next important trigger.