Gold prices opened the week up by 0.9%, heading for a second consecutive session of gains. The price is currently trading at a six-week high of $4250 per ounce.

Gold is currently trading above the weekly pivot point of $4160, looking to reach the first resistance level of $4281, where the break above, followed by stability above, could extend its gains towards the second resistance level of $4347.

On the downside, if the yellow metal loses its luster and falls below the weekly pivot point at $4160, it could be a negative signal that pushes prices towards support levels of $4095 then $3974.

From a fundamental standpoint, Fed Chair Jerome Powell is set to address markets on Tuesday. Powell’s remarks come amid speculation about possible changes in Fed leadership, introducing another layer of market uncertainty. A report that White House economic adviser Kevin Hassett has emerged as the frontrunner to be the next Fed Chair.

On the economic agenda, investors will be awaiting the release of the U.S. ADP Employment this week. Analysts predict that the private sector may have added around 19,000 jobs in November, down from 42,000 in October.

In addition, markets are also awaiting the U.S. Core Personal Consumption Expenditures index (PCE), the Fed’s favorite inflation measure. Analysts expect annual Core PCE inflation to stabilize at 2.9% in September. A higher-than-expected reading could prompt the Fed to reconsider cutting interest rates in a more aggressive manner.

Finally, markets will pay close attention to the U.S. service and manufacturing PMI reports for November. If these indicators rise above expectations, it could negatively affect gold prices, while the opposite is true.