The metal’s staggering last week rally is attributed to disappointing US economic data, primarily the jobs data.
Besides, April’s reading was also revised down to 770,000 from 916,000 jobs that were reported earlier.
“Consequently, this weighed on the dollar and Treasury yields and lifted the dollar-denominated commodity.
“For this week, gold traders look forward to the US CPI and retail sales data for fresh hints on the economy, with bulls having their eyes set on $1,850-$1,860, which coincides with the 200-day monthly average and downward trend resistance.
Daniel Moss, an analyst for DailyFX, said he would expect the market to move upwards after it reopens on Monday.