Gold prices rose slightly by 0.2% during Monday’s trading, maintaining their trades above $4200 per ounce.

Gold is currently trading near the weekly pivot point at $4209, looking to stabilize above it to rise towards the first resistance level depicted at $4254. It should be noted that if the price exceeds the aforesaid level, it may extend its gains towards the second resistance level at $4310.

On the downside, if the yellow metal loses its luster and falls below the weekly pivot point of $4209, it could be a negative signal that pushes prices towards support levels of $4153 then $4108.

On the economic agenda, markets are awaiting the release of U.S. job openings data (JOLTS) for October. Investors are also monitoring U.S. jobless claims, which play a pivotal role due to their weekly frequency, making them a quick indicator of labor market strength.

While the data may grab attention, the main spotlight this week will be the Federal Reserve’s meeting, one of its most anticipated meetings in some time.

The Federal Reserve is widely expected to announce a 25-basis point interest rate cut, with markets currently pricing in an 84% probability of a quarter-point reduction, according to London Stock Exchange data.

However, this decision may be made amid significant division, as the latest report from the Federal Open Market Committee (FOMC) revealed that five of the 12 voting members opposed the rate cut.

In the same vein, the FOMC has not seen three or more dissenting votes at its meeting since 2019, and this has only happened nine times since 1990.

Investors will also scrutinize comments from Fed Chair Jerome Powell during the press conference following the Fed decision, where the focus will be on his tone to see whether he will move forward with rate cuts over the course of 2026.

Finally, market expectations indicate two or three interest rate cuts next year, so if the Fed statement indicated more than three cuts, gold could take advantage as it thrives in low-interest rate environment, and vice versa.