Gold rebounded at the beginning of the week, after posting its sharpest weekly decline in three months, where the Bollinger Bands is providing positive signals as the price moves above its lower line. Currently, the price is eyeing a breach through the indicator’s middle line, noting that stability above it would help prices resume their bullish short-term direction.

Meanwhile, gold is trading within a bearish channel, looking forward to penetrating the weekly pivot point at $2882. A sustained move above the aforesaid pivot point could lead to further gains towards $2932 then $3005. 

On the downside, if gold fails to break the weekly pivot point at $2882, it could drop to the channels ‘lower line at $2808. A break below the aforesaid level may drive prices downwards to $2758.

On the other hand, markets will keep their eyes open on the implementation of the tariffs imposed by U.S. President Donald Trump on Canada, Mexico, and China on March 4. There could be retaliatory measures from these countries, which may flare trade war concerns.

In addition, investors will provide utmost attention the U.S. non-farm payroll data for February, with expectations referring to a job gain of 156,000, following a hiring pace of 143,000 in January. Positive data will probably support the dollar and pressure gold, while weak jobs figures could help the yellow metal resume its recovery.

Finally, comments from Federal Reserve Chief Jerome Powell when he speaks about the economic outlook at the University of Chicago Booth School of Business US Monetary Policy Forum are likely to grab attention.