Gold is again testing support at the lower bull flag trend line at $US1560. If this level holds, Clement expects the market to make a move back to its resistance level at $US1770. "And with commodities across the board looking bullish, there's every chance we could see a breakout from the bull flag pattern and a move to new highs if and when it reaches that resistance level,"
Economists are winding back expectations of another interest rate cut by the Reserve Bank this year after 71,500 jobs were added last month - the largest monthly gain in more than a decade.
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The Australian dollar quickly added half a cent and bond yields rose sharply after figures showed the unemployment rate remained steady at 5.4 per cent, as 53,700 part-time and 17,800 full-time positions were created.
''The chance of a rate cut in April, for domestic reasons, is approaching zero,'' NAB economist Robert Henderson said.
