Gold prices posted a notable rise today by 0.5%, hitting a three-week high of $3370 per ounce. Gold is currently awaiting further positive momentum to resume its major uptrend in the near term.

Meanwhile, gold prices are hovering above the weekly pivot point at $3335, eying stability above to head towards the first weekly resistance level at $3388, where a sustained move above it could be a strong signal for the yellow metal to continue its rise towards the second resistance level at $3421.

On the downside, if gold prices retreat then cling beneath the weekly pivot point at $3335, it will lose its positive momentum, thereby probably retesting support levels near $3302 and 3250.

From a fundamental standpoint, Trump’s volatile trade policies will be in the spotlight this week once again after the U.S. president announced a 30% tariff on imports from Mexico and the European Union over the weekend, with the increased tariffs set to take effect on August 1, 2025.

The EU and Mexico, both among the largest U.S. trading partners, responded by calling the tariffs unfair and disruptive while pledging to continue to negotiate with the U.S. for a broader trade deal before the deadline.

On the economic data front, the annualized U.S. Consumer Price Index for June due on Tuesday is likely to grab attention as it would reflect the impact of the U.S. tariffs on prices. Analysts expect inflation to surge by 2.6% in June from a 2.4% increase in May.