Gold surprised the markets on Friday as traders bought the dip and prices climbed above $1,570 an ounce level. At the time of writing, April Comex gold futures were trading at $1,571.50, up 0.10% on the day, but down 1% on the week.

The big news this week, aside from the coronavirus updates, was the U.S. employment report, which surprised on the upside with 225,000 new jobs created in January. The unemployment rate ticked up to 3.6% on an increased participation rate.

Have the coronavirus fears peaked this week? Analysts are warning that all additional gains gold made on those fears will dissipate, but gold will rise on a different driver altogether.

Gold looks strong above the $1,570 an ounce level amid fluctuating stock market and a robust U.S. dollar. The $1,550 is the new floor in gold that is holding well, said Blue Line Futures chief market strategist Phillip Streible.

“We are close to breaking out. I think we are going to match those old highs at $1,620,” Streible told Kitco News on Friday.

At the time of writing, February Comex gold futures were trading at $1,584.40, up 0.80% on the week.

Three upside clues and one downside clues for gold