According to data released by the United States on Thursday, the number of initial claims for unemployment benefits in the United States recorded 49.8 in the week to May 1, the lowest since the outbreak and is expected to be 540000, compared with a previous value of 553000. The data showed that the employment situation in the United States was still improving, pushing down gold by several dollars to around 1792 at one point. But the situation changed quickly, with 10-year US bond yields rising and falling as low as 1.559 per cent, while the dollar index came under pressure again after a small rebound, while gold rallied sharply, breaking the 1800 mark and further expanding to around 1818, the highest since Feb. 17, with an intraday rise of about 1.6 per cent. Spot silver surged 3.7% at one point to its highest level since the end of February. Platinum also rose, while palladium fell.

Analysts believe gold is expected to continue its April rally after the first month of the year in April, as the central bank is expected to keep interest rates low. Despite the optimism about the economy, Fed policy makers seem unlikely to change their easing stance, and investor concerns about inflation should boost gold prices. The inherent hedging function of gold may also stimulate market demand for it. In addition, US Treasury Secretary Yellen Yellen "clarified" the remarks about raising interest rates and a number of Fed officials cooled down to tighten policy, causing 10-year Treasury yields to continue to fall, eventually igniting the enthusiasm of the market to buy gold.

Gold looks set to continue to rise after its latest break of $1800 an ounce. This week's rally seems to have coincided with the acceleration of bullish momentum, highlighted by both the MACD index and the relative strength index. This makes channel resistance the focus of attention, a possible upside target for gold bulls, and may even consider further breaking through all-time highs.

Looking ahead, with the continued recovery of the US economy, it is foreseeable that the Fed will tighten monetary policy. If the Labor Department's April non-farm payrolls report performs well on Friday, it will raise expectations of Fed QE cuts and interest rate hikes, putting gold under selling pressure. However, in the event of a poor performance of the non-farm payrolls report in April, it is likely to further weaken market expectations of Fed tightening, thereby stimulating gold to further expand its recent gains.

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